www.iva.co.uk

I am now in a position after 3 years to come out of my IVA I have been offered a job abroad on a 3 year contract but must set up my own company as self employed is this possible to do

Just to add if anyone can help I am paying £380 per month

The creditors except a payback of £24,500 ,

with the proposed new role I could pay back the remaining money within 3 months would it be worth me approaching my IP with this suggestion or would the creditors expect a full settlement of £37,000 over the next 3 years I have left of my IVA ?

Hi - there is no bar to setting up a company -- does it have to be incorporated (Ltd.)? If incorporated getting a bank account might be tricky.

Whilst in an IVA you will owe the full amount of the original debt, plus fees and your IVA will continue, with increased payments, ub=ntil this is met.

Don't forget when working out the new disposable income that your expenses will all change too.

Thank you for the quick reply

No it's contract work in the far east paying well

So I would still need to find the other £25,000 plus fees to clear my IVA or could I make an offer of say £15,000 to be paid in the next 3/6 months and would this usually be except

Sorry for so many questions , I messed up and want to get back on an even keel as soon as possible and hopefully I'm not sounding arrogant about paying a large sum back so quickly

With the possibility of getting all the debt repaid a reality I doubt the creditors would accept an offer. On the plus side, in the interim you have been spared paying interest and protected from creditor's chasing you.

I don't think that your suggested offer would be attractive to creditors Barry, but assuming your IVA has the provision that your ongoing payments only increase by 50% of your additional disposable income, then you will still be a lot better off, and nothing to stop you making additional payments from your share to try and reduce the remaining balance at an earlier stage.