www.iva.co.uk

My wife is an accountant and although we have debts that are greater than that which we can repay at present - she is concerned that an IVA will lose her status and have her struck of the register as in the case of bankruptcy. Also - is an IVA a loan secured on our house?

Hi rumpo

Is your wife a Chartered or Certified Accountant? She will have no problem in proposing an IVA, however as you correctly state cannot practice if she is declared bankrupt. She should, however, check her own Regulatory Body's rules and regulations to be sure.

An IVA is not a loan which is secured against your house. It is not a loan at all, but an agreement between you and your creditors to pay a set amount over an agreed timescale.

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

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

Rumpo
Use this site to answer all your questions so that you can decide if an IVA is right for you.Remember an IVA is only suitable if you are actually insolvent so if your equity in your house covers your unsecured debt then you will be unable to proceed with an IVA.