www.iva.co.uk

im 50 000 pounds owed to creditors but i havent missed a payment as of yet am i still eligable for an iva?

Hi Ian
I was owing a similar amount (myself and husband) and we had not missed payments. |This was one of my worrys too,but we were reaching a point where payments would have started to be missed. We were accepted and our iva approved. It will depend on income and outgoings to determine whether you are insolvent . If you post these I am sure an expert will soon be along to advise.
Ang

Hi Ian

As indicated by Ang above in order to propose an IVA you would have to be insolvent - there are 2 definitions of this: 1) you are unable to pay your debts as they fall due and/or 2) that your liabilities exceed your assets.

Please do post further details but have you tried everything you can to repay your debts? Creditors are keen to ensure that anyone proposing an IVA is doing so as a last resort so you should look at all the options available to you.

Hope this helps


AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

Hi ian

If you are up to date with your payments, but that this has only been possible by borrowing additional monies - colloquially referred to as "robbing peter to pay paul" then you need to address this situation in some shape or format.

If you are just struggling to make the repayments from your disposable income, you may be better off asking for slightly reduced payments until you get back on your feet.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk