General IVA advice please!!!!

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cj2300

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Post by cj2300 » Mon Aug 23, 2010 10:04 am
Hi all,

I am hoping for some general advice on behalf of my step Dad.

Currently he owes about 40k on cc's and overdraft and due to a sudden change in finances will be unable to meet payments for much longer.
He is 80 years old and still works part time and has pensions etc.

I am hoping for some general advice about whether an IVA is allowed once you reach a certain age.

There is also another factor which has to be mentioned which is that two years ago he married my Mum and she owns her own home (with a mortgage) will this mean that creditors will want something from Mums house? It is totally in my Mums name and she has owned it for years on her own.

My Mum is retired so basically there is no way to raise cash against the house anyway.

Thanks for any help!
 
 

Michael Peoples

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Post by Michael Peoples » Mon Aug 23, 2010 10:08 am
There is no age limit on IVAs but at his age it may not be the best option. Your mother's property should be protected from what you say so perhaps bankruptcy would be best.

He could offer a one off IVA if there was third party funds available or an IVA over a shorter period than five years but he should get some advoce before he commits to anything.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

cj2300

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Post by cj2300 » Mon Aug 23, 2010 4:15 pm
Thanks Michael,

That is a bit of a relief!

How would I be able to find out about bankruptcy?
I have heard about meeting and official receiver and having to explain why you are bankrupt and dispose of your posessions, is that true?

Thanks
 
 

Michael Peoples

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Post by Michael Peoples » Mon Aug 23, 2010 4:30 pm
You could try the sister site to here which is www.bankruptcyhelp.org for more specialised bankruptcy advice or you could go and speak to the official receiver about your father in law's case. Some will talk to you but others will not.

Many meetings post bankruptcy are done over the phone and it is rare for someone to visit the house. Domestic effects are exempt [within reason] so he should really have little to worry about.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

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Post by kallis3 » Mon Aug 23, 2010 5:50 pm
The sister site is a good one, and there are posters on here who can help.

To go bankrupt will cost him £600.

It does sound as though it would be a good idea, he could start again a clean sheet and enjoy life with your mum.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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