www.iva.co.uk

hi, i am considering undertaking an iva. i am unsure whether or
not i will qualify? my unsecured debts total approx £35,000 but
£11,000 of that debt is two loans which are only a couple months
old. is it true that the debts have to be >6mth old?? i also have
two buy to let propertys which i am in the process of selling
because there is no equity in them and the rent does not cover the
mortgage, plus with all the fees associated in selling them means i
may be left with a deficit once sold. can this be added to an iva
as i think the debt would be passed onto me as unsecusecured ?

Hi
You need to take advice from a compqany on this site.
With the details that you provide it is difficult to advise as yours is quite a complicated case with both the recent loans and the buy to let properties.How will you finance the shortfall in selling the properties ? If you are going to use say a bank overdraft or credit card then you may well find that your creditors will not be favourable as you will be taking credit knowing that you will be unable to repay it.
Sorry to sound a bit negative but maybe you can provide further details that may help.
Regards

Hello Mark

Having taken the loans out so recently will not necessarily prevent you from having an IVA accepted but it may mean your case is scrutinised more. What did you do with the money from the loans? Were they used to consolidate other debt? If they were used to consolidate debt and they were taken out in good faith (i.e. not with the knowledge that you were not going to be able to pay the money back) then potentially your creditors could accept an IVA.

With regards to the Buy to Let properties. If you are making a loss on these properties (i.e. the money you are spending outweighs the money you are receiving) then you will be forced to sell both properties. If you do make a loss on these then this amount can go in your IVA as it will now be unsecured debt. The company that you owe the money to will have voting rights on your IVA proposal for the pro rata amount you owe them.



Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com