www.iva.co.uk

if i have over 80% debt to 1 company do i qualify for an iva?

Hi Kevin and welcome.

Do you have any other creditors? How much is your total debt?

Hi
Yes, it doesn't preclude you from an IVA option.
That creditor will have the yes or no vote
Speak with several experts/companies and explore all options open to you
Regards

I recently put forward an IVA proposal where one of the creditors had 96% of the vote, and it was accepted. With large concentrations of debt with one particular creditor, it is sensible for the IP you choose to represent you to canvas their views prior to finalising the proposals. This does not take that long, as you can then be pretty sure of a result at the creditors meeting.

Hi, there are some creditors who will not accept IVA's if it can be paid wihtin a certain terms. They will control the outcome in an IVA.

Have you considered approaching them direct for an informal agreement?

I suggest that you seek professional advice. Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.

Have a look at the link that Jan posted and contact 2 or 3 companies for advice. The advice will be free and impartial, and you'll then know your options x

I have done a number of IVA's where 100% of the debt was with one creditor, so the number itself doesn't mean much. The owner of the debt though is important, it is true to say that some creditors are well known for rejecting VA's where they have over a certain "trigger amount" of the debt, so it is best to speak to 2 or 3 companies, as my forum friends have rightly advised.

Regards.

Haven spoken in detail to Size5 (mike) I can recommend his services as the sound advice he gave me didn't earn him a penny, that's advice you can normally trust.

I can also vouch for Mike too. Has been in the industry a long time and is very knowledgeable.

I'd agree with that. If the person giving the advice is doing so for free it's a good sign!

canaries wrote:

Haven spoken in detail to Size5 (mike) I can recommend his services as the sound advice he gave me didn't earn him a penny, that's advice you can normally trust.

All of the companies on here give advice for free on and off the forum, even if they don't gain any business from it.