Hi - I have been refused an IVA

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
User avatar
justine762
Posts: 1
by justine762 » Thu Oct 26, 2017 10:52 am
Hi - I have been refused an IVA because I bought outright a share in my shared ownership property (25 per cent share for £38,750 out of proceedings from a house sale connected with my divorce. I owe about £7000 in total - but in reality I cant use the asset in my property to pay off the debts - is this correct ?
User avatar
Foggy
Forum Expert
Posts: 24120
Contact
by Foggy » Thu Oct 26, 2017 11:02 am
I can see that the creditors would be miffed at you buying the house when owing the debt. But I would also question whether an IVA is the right thing for £7k of debt.

When you say you have been "refused" an IVA, what do you mean? Have you presented a proposal which has been rejected, or has a firm you have been chatting to refused to proceed ?
User avatar
Ryan
Industry Expert
Posts: 675
Contact
by Ryan » Thu Oct 26, 2017 1:10 pm
Hi Justine,

I echo Foggy's thoughts, obviously different things suit different people but £7,000 is a relatively small amount to have to go into an IVA for with the long term impact that may have.

It may be an idea to get a few opinions from Experts on what may suit you best. All the best though.
User avatar
kallis3
Forum Expert
Posts: 72034
Contact
by kallis3 » Thu Oct 26, 2017 1:29 pm
I agree with both of them - take further advice.
User avatar
Lisa Thomas
Industry Expert
Posts: 6023
Contact
by Lisa Thomas » Thu Oct 26, 2017 1:59 pm
£7k is a low amount of debt for an IVA.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Google [Bot] and 19 guests