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Posted: Tue Nov 04, 2008 8:39 am
by rdb93
I recently moved abroad and am classed as a non uk resident. I have buy to let mortgages in the uk - the rent services these mortgages but also credit card balances which I am struggling to pay. My normal income is through buying and selling property but with the credit crunch crisis the only income I have is whats left over from the rental income and wondered if I qualify for IVA
Posted: Tue Nov 04, 2008 8:51 am
by orchid5
hi rdb93, welcome to the forum, one of the experts will be along shortly and will be best placed to answer that question, hope that you find your inner peace.
Good luck.
Posted: Tue Nov 04, 2008 9:30 am
by Adam Davies
Hi
Yes it is possible as you are effectively a full time landlord.
How much equity do you have in all your properties ?
Posted: Tue Nov 04, 2008 11:01 am
by MelanieGiles
You may well qualify for an IVA, but you will need to have something to offer to creditors either from ongoing contributions or the realisation of assets.
A chat with an insolvency practitioner with experience of dealing with ex-pats would be a sensible way forward.
Posted: Wed Nov 05, 2008 1:38 am
by David Mond
Yes -
www.iva.com and see reviews on practitioners - you might find one that has experience with ex-pats.