do you have to be employed to enter IVA?

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Post by nicola.ll » Sat Jun 19, 2010 7:27 pm
Hi I have two questions. I owe £16757 am unemployed due to ill health and would like to enter into an IVA. I can pay approx £160 per month as with DMP i am on. Some companies have said you have to be employed others have said its fine not to be can you tell me whether this is true. Secondly I maybe able to borrow some money from family member for lump sum iva up to about £8000 due you think this amount would be sufficient for creditors. thankyou


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Post by Shining » Sat Jun 19, 2010 7:31 pm
Hi Nicola and welcome to the forum, I would take a look at for a list of companies and speak to at least 2 or 3 to get some professional impartial advice.

Our professionals who post on forum may be around a bit later to advise too x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.

Adam Davies

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Post by Adam Davies » Sat Jun 19, 2010 9:22 pm
It really depends on many factors so do have a chat with a couple of experts/companies.
Maybe your DMP will be able to negotiate a full and final payment to all your creditors ? the costs of a full and final IVA will eat into your 8k.
Andam Davies


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Post by MelanieGiles » Sun Jun 20, 2010 11:53 am
There are a few companies who would look at doing an IVA for you with low disposable income - but I would also encourage you to look at the benefits of bankruptcy proceedings unless you have assets which would be at risk under this process.
Regards, Melanie Giles, Insolvency Practitioner
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