www.iva.co.uk

i'm facing the prospect of redundancy,which will mean a major loss in income.i will not be able to pay my creditors the aggreed amounts-including secured loans.my wife is in full time employment.is an iva a viable option/will i be able to keep my house/car(hp-but required for any work options).if viable will i be able to leave iva upon return to workand resume original contractual aggreements?

Hi and welcome to the forum. Sorry to hear about the redundancy, fingers crossed it won't happen to you.

To have an IVA proposed and accepted you have to be able to pay a certain level back to creditors. If you could post some more details, that would help:

What sort of debts have you got, how many creditors and approx values. Are all the debts in your name or joint with your wife? Will you get redundancy payment?

Sorry for asking questions but the more info you can post, the better the advice.

hi and welcome
swans girl is right post some more if you can.
an iva is a five year legally binding agreement and not something you could do short term, unless you had a lump sum of money known as a full and final offer to your creditors.
also secured credit cannot be placed in an iva.
have you thought about a debt management plan for the short term ?
in an iva you will need a regular income to cover the iva payment so a dmp may be better short term.
normally in an iva there is usually a 4th year clause where you would be expected to release an agreed amount of equity.
of course this is all speculative depending on your circumstances
if you post some details we will try to help you [:)]

If you are made redundant, and left in a position where you may be unable to repay your debts, then an IVA may well be a solution that you can consider depending upon your circumstances, however there will be other options - so if this happens to you, I would recommend that you seek advice from an insolvency practitioner who can help you to choose the right solution - should you need one.

I agree.

Visit www.iva.com for a list of companies and reviews, or click on the expert link on the left hand side of the page. There are a lot of professional experts who post on here who come highly recommended and their details can be found there.

Anyone you ring will advise you of all the options open to you and tell you of the best way forward for your circumstances. The advice is free.