www.iva.co.uk

I would argue that the question of having acquired an interest in the property by means of your relationship is a matter for the courts to decide ( if it ever came to that) and not for your IP or creditors to assume. Speak to another firm !

An Iva is contract law, the contract is with you and your partners name is not on the contract nor has he signed anything.

As Foggy says go to another firm or find a way outside of an iva to settle your debts.

thanks guys I was with Vincent bond on a dmp which appeared to be going well until I got a letter saying they were no longer providing this service and told me to contact pay plan who have advised me either an iva for bankruptcy.

I think (hope) that VB meant to go to Payplan to continue with the DMP -- these Payplan do very well ( and free to the debtor).

A Trustee in Bankruptcy might try and argue that and would have an uphill struggle trying to prove it, especially if you are not married, but I can't see why creditors in an IVA would think to challenge it.

It is not for the Nominee or Supervisor in an IVA to raise that with creditors as we do not control the estate like we do in Bankruptcy.

I agree with Foggy - speak to someone else.

Purely from the timbre of the above replies my first port of call would be to have a chat with a couple of the responders who are in the business of conducting IVA's.

You should speak to another company if you have only been dealing with Payplan. Not only are Payplan absorbing the DMP book of Vincent Bond but there are many other firms that the FCA are refusing to authorise whose books are going to Payplan.

I have heard that another major DMP company will be ceasing to trade and their book of over twenty thousand DMPs will be moved to Payplan so while they integrate this type of business I wonder if they are that interested in IVAs.

There is a possibility that a creditor may say that you have acquired an interest but if this is the case the creditor may ask for the IVA to be extended by twelve months in lieu of this. Ideally your IP would want to do a household I&E but ultimately it is your proposal and if you have always kept your finances separate then that is what would be put into the proposal.

thanks Michael I have spoken to your firm and they are going to check with an IVA manager about the property bit as they also advised it might be a bit tricky and will call me back with either a DMP or an IVA. fingers crossed

As far as I can see there is no reason not to propose an IVA. In my opinion it will be accepted but if not you have lost nothing. You are not automatically bankrupt and can enter a DMP or propose a new IVA later. There are no charges for setting up an IVA and in the unlikely event that it is rejected you have nothing to pay.

As you say fingers crossed and I genuinely hope it gets approved.

Interesting snippets about the movement of DMP's, Michael. Thank you.