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Posted: Tue Mar 04, 2008 8:45 pm
by 106
Can you have an IVA for 400,000 pounds?
Posted: Tue Mar 04, 2008 8:54 pm
by emma_t
Hi 106 and welcome to the forum
I am affraid I am not an expert so do not know the answer to your question, but an expert will be along soon to answer.
It might help if you provide a bit more info on your situation;
are you a home owner/do you have any assets?
is the £400,000 all unsecured?
how many creditors do you have?
what is your disposible income(after paying all secured credit and living expenses a month- do not include unsecured repayments in this figure)?
I am sure this information will help get a more accurate picture for one of the experts
Posted: Tue Mar 04, 2008 9:00 pm
by aguise
Welcome from me too. Emma is right there are a lot of factors to consider. The payment to an iva depends on your disposable income ( what is left after paying your living needs, (not including the unsecured debts) I do not think ther is a limit on how much the debts can be, but you would need to be able to offer most likely at least 25p for every pound owed. I will not try to answer more . As Emma suggests if you can give a bit more info then the technical experts can hopefully advise on ways forward.
All the best Ang
Emma are you coming to Birmingham ?
Posted: Tue Mar 04, 2008 9:05 pm
by emma_t
Has a date been set yet Ang as I really hope to come but will need to know date before I can confirm due to work.
If I have enough notice I can 'work around'[;)] any date as would love to come
Emma x
Posted: Tue Mar 04, 2008 9:06 pm
by emma_t
Ignore me I have just seen the date[:I][:I][:I]
I will let you know tommorrow x
Posted: Tue Mar 04, 2008 9:40 pm
by Adam Davies
Hi
There is no upper limit to how much unsecured debt can be included in an IVA.
Regards
Posted: Tue Mar 04, 2008 9:47 pm
by carlmcmullen
HI 106,
As andy and the others said there is no upper limit on the amount of debt you can include in an IVA.
That is alot of debt though !! Would i be right to assume you are self employed ? Are the debts trade debts ? Would the Inland Revenue be included in that £400,000
Can you post a little more information about your situation.
Posted: Tue Mar 04, 2008 9:58 pm
by Reviva UK
Hi there
the same principle applies to larger debts as with smaller debts. The IVA has got to be realistic for you otherwise it just won't work.
In fact sometimes the % return for creditors might actually be lower than with a smaller debt IVA.
You are in a great place to get some friendly non judgemental advice and find an IP to work with.
Good luck
Posted: Tue Mar 04, 2008 10:15 pm
by MelanieGiles
Well I once did one for £30 million, so this sum pales into insignificance!! As Andy has already said - no upper limits!
Posted: Tue Mar 04, 2008 10:25 pm
by Soulgrowth
Wow Melanie! That makes us all feel better [:)]
Debbie
Posted: Tue Mar 04, 2008 10:31 pm
by emma_t
30 million[:0]
I suppose its all relative though and that person must have been earning a lot of money or had a very successful business...
Posted: Tue Mar 04, 2008 10:34 pm
by Lisa2009
[:0] WOW [:0]
What could you possibly spend that ammount on?
Posted: Tue Mar 04, 2008 10:36 pm
by MelanieGiles
It was a very complicated business case, where the return was very low, and one major high street bank was the main benefactor. I don't come across them every week!
Posted: Wed Mar 05, 2008 9:33 am
by buttercup
wow 30 million I do feel a bit better that was a whopper
Posted: Wed Mar 05, 2008 9:39 am
by Reviva UK
Melanie you put me to shame.
Largest for me is 1.1M and the argest number of credit cards is 48.
I hadn't realised that there were so many different credit cards - most are really MBNA but advertised as the club or society etc.
Amazing that a bonk with such a big office in Chester struggles to realise that 1 client has 130k plus on their credit cards.
Long live the database.