www.iva.co.uk

i have a debt above 15000 pounds,but a single creditor.am i eligible for iva?

You are still legally entitled to propose an IVA but the difficulty with a single creditor is that they have the power to vote no to your IVA. This means that they may prefer to arrange a informal payment plan with you rather than accept an IVA where several thousand pounds of your contributions will go to your IP. IVAs have been accepted where there is one creditor as your creditor may accept the proposal if they are put in a better position than bankruptcy. The best thing to do would be to contact several Debt Expert companies and discuss your case in more detail. Depending on the amount of Disposable Income (your income less your reasonable living costs) that you have available an informal plan could be the best option anyway.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi forunisha

I don't think you would find any insolvency practitioner prepared to take a case on with only one creditor. The reason for this is that the creditor would expect you to pay your disposable income to them directly, and thus avoid the unecessary costs of the IP.

The downside of this, of course, is that they will want you to continue paying until the debt is discharged in full.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk