Would a charging order prevent me doing an IVA

4 posts Page 1 of 1
Post Reply
 
 

biffo

User avatar
Posts: 1
Joined: Mon Mar 03, 2008 10:05 pm
Location:
Post by biffo » Mon Mar 03, 2008 10:07 pm
Quote
I currently have a arrangement with a Debt Management Company - Payplan - for a Debt of £76,000, which I have been paying at an amount of £180.00 a month for 2 years.
I am interested in taking out an IVA but have a Charging Order against my home - taken by Northern Rock to whom I owed approx £30,000. Would this prevent me taking out an IVA?
I would appreciate your help in this matter.
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Mon Mar 03, 2008 10:20 pm
Quote
Hi biffo and welcome to the forum

Well if I had been advised to do a DMP which was going to last for 40 years then I think iw ould be looking at alternatives!

Having a charging order will not stop you proposing an IVA, but you will probably need to maintain ongoing payments to Northern Rock and this will therefore leave you with little income to fund the IVA. If you have no equity in your property, bankruptcy might be a better option.
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Tue Mar 04, 2008 10:37 am
Quote
Hi
Does make you wonder if people really are given the 'best' advice ?
Was an IVA discussed at the time ?
Regards
Andam Davies
Top
 
 

Oliver

User avatar
Posts: 1854
Joined: Sun Sep 11, 2005 12:15 pm
Location:
Post by Oliver » Tue Mar 04, 2008 10:49 am
Quote
A court approved charging order will be counted as a secured debt which you must maintain during an IVA.
Best Regards
Oliver
Top
Post Reply
4 posts Page 1 of 1
Return to “postings for march”