Am I insolvent?

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JustPlainStupid

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Post by JustPlainStupid » Sun Feb 23, 2020 12:05 pm
Hi all

I'm just having to sign some bits for my divorce. I started my IVA in 2015 and it should end this year.

In one of the forms, there is a declaration of solvency which says asks me to declare that I'm solvent in as much as I can pay by debts as they become due and that my assets exceed my liabilities. So I *can* pay my debts as they fall due and my assets *do* exceed my liabilities. But at the point where my IVA started, I was obviously insolvent.

So, am I insolvent now, even though my circumstances have changed?

Cheers
Andy

Foggy

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Post by Foggy » Sun Feb 23, 2020 12:30 pm
In a word, yes ! Until such time as the IVA concludes successfully you still owe the full debt, fees and possible interest --- if your IVA failed tomorrow, would you be able to pay the debt ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

JustPlainStupid

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Post by JustPlainStupid » Sun Feb 23, 2020 12:37 pm
Sun Feb 23, 2020 12:30 pmFoggy wrote:
In a word, yes ! Until such time as the IVA concludes successfully you still owe the full debt, fees and possible interest --- if your IVA failed tomorrow, would you be able to pay the debt ?
Cheers Foggy! You really should get some sort of award. The speed at which you respond makes this more like a live chat than a forum!
The answer is complicated :) I've just posted regarding that. By the time I've written this, you'll probably have replied to that one as well!

Ok, well I'm just filling some gaps for the solicitor so I've flagged it - I had told them this but I guess they're using boilerplate docs and forgot to change it. I don't want to declare something that will go in front of the court that isn't true. I guess it'll be up to my solicitor to make the call.

luluj

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Post by luluj » Sun Feb 23, 2020 7:05 pm
Best to let the solicitor determine but agree with foggy ...all depends on the time of questioning and as to whether you could afford to pay .... glad you find the forum of use.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Lisa Thomas

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Post by Lisa Thomas » Tue Feb 25, 2020 12:36 pm
You are insolvent, hence the IVA.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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