www.iva.co.uk

My husband is self-employed (sole trader). We have a mortgage on our house. He has a loan (just under 3 years left to repay) on his van, which he uses for work.

If we were to apply for an IVA to clear the rest of our debt (approx £56k) would we be able to keep the house and mortgage going, and the van and the van loan. If we reduced our debt through an IVA we would be able to continue to pay our mortgage and the van loan (which is a business cost anyway).

Many thanks.

Good morning and welcome karen.b

It is certainly feasible, from the limited info you have given, to at least look at the possibility of an IVA. As ever, you would be best served to speak to a professional directly as there are all sorts of issues that would need closer examination.

You can go to www.iva.com and look at the reviews on there, I would advise that you speak to at least 2 or 3 different people to get a balanced view of things.

Regards.

You would need to check whether the van loan is an ordinary unsecured loan or HP. If HP, the payments will need to continue to be made to avoid the vehicle being repossessed.