Are there any rules to getting another IVA?

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laura836
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by laura836 » Mon Jan 08, 2018 8:58 am
3 years ago we finished our Iva however now 3 years later I feel the only option is another Iva. We feel like a complete failure, there are many reason why but the main reason we are here again was from the £10,000 loss of sale of our property. We are a married couple with an 8yr old daughter and we had been living in a 1 bed mortgaged flat for the pass 10 years. We had a £25,000 lease extension hanging over our heads so we had no choice but to sell and make a huge loss just so we could get out of that tiny flat. We now have credit card bills that we have been making min payments on and every month using them for everyday things.
Are there any rules to getting another Iva? We are feeling pretty broken and not really sure what to do.
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Foggy
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by Foggy » Mon Jan 08, 2018 9:02 am
There are no "rules" as such, over and above those that apply the first time one enters a debt solution. You will need to start from scratch as an IVA might not be the best option this time around. Being the 2nd bite you might need to explain your predicament to creditors in a little more detail. Speak to a few firms for specific advice.
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Lisa Thomas
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by Lisa Thomas » Mon Jan 08, 2018 11:14 am
I am presuming you have no assets?

If you have no assets you may want to consider a Debt Relief Order or Bankruptcy as an alternative to an IVA.

It might not be cost effective to do an IVA on a £10k debt, unless your debts are more than that.
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kallis3
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by kallis3 » Mon Jan 08, 2018 11:17 am
She hasn't actually said how much the debts are, just the £10k loss from the sale of the house - no idea of the scale of the rest.
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