www.iva.co.uk

Do you still have to have at least 5 creditors or could you have 3 and still look into an IVA?

Thanks
NME

Asking for a friend as some of you know i am already BR lol.

Morning NME hope youre ok. from what ive read on other posts i think you can- the pros will confirm. hope youre friends ok too [:)]

Thanks FD, you dont realise just how many people are suffering silently lol. She confided in me, and was quite shocked really (always keeping up with the jones type) if you know what I mean and often talks about people who dont have the best of everything.

Half term arrrgghhh - kids are driving me mad already!!!

You can propose an IVA with three creditors, but your friend ought to take advice directly from an insolvency practitioner or debt counsellor about her circumstances and the options available to her.

Thanks Mel, i do know that one would hold a major share as it would be a mortgage shortfall and the other 2 are around £10k combined.

I have already said she needs to get some professional advice. They are going to be renting probably in around 6+ months time and have no other assets as they both have company cars etc. She does know about my BR so was asking what my experience was.

Thanks for your help Mel x

There is no problem in including a mortgage shortfall - I have seen this a lot recently and the lenders are usually most receptive to IVA proposals.

Get your friend to speak to an IP. If she visits www.iva.com she can see a list of reputable companies and reviews, or if she clicks on the expert link on the left hand side of the page, there are professionals who post on here who come highly recommended.

They will advise her of all her options.

no money

you do not need 3 creditors if your proposals are protocol compliant then you must have 3 or more lines of credit from 2 or more creditors.

However if you only have 2 creditors you should consider the alternatives first and speak to your IP about them before proposing an IVA.