wondered if I qualify for IVA ?

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rdb93

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Post by rdb93 » Tue Nov 04, 2008 8:39 am
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I recently moved abroad and am classed as a non uk resident. I have buy to let mortgages in the uk - the rent services these mortgages but also credit card balances which I am struggling to pay. My normal income is through buying and selling property but with the credit crunch crisis the only income I have is whats left over from the rental income and wondered if I qualify for IVA
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orchid5

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Post by orchid5 » Tue Nov 04, 2008 8:51 am
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hi rdb93, welcome to the forum, one of the experts will be along shortly and will be best placed to answer that question, hope that you find your inner peace.

Good luck.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.

IVA COMPLETED August 2012, received Completion certificate 18.4.13.
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Adam Davies

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Post by Adam Davies » Tue Nov 04, 2008 9:30 am
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Hi
Yes it is possible as you are effectively a full time landlord.
How much equity do you have in all your properties ?
Andam Davies
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MelanieGiles

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Post by MelanieGiles » Tue Nov 04, 2008 11:01 am
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You may well qualify for an IVA, but you will need to have something to offer to creditors either from ongoing contributions or the realisation of assets.

A chat with an insolvency practitioner with experience of dealing with ex-pats would be a sensible way forward.
Regards, Melanie Giles, Insolvency Practitioner
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David Mond

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Post by David Mond » Wed Nov 05, 2008 1:38 am
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Yes - www.iva.com and see reviews on practitioners - you might find one that has experience with ex-pats.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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