In Debt Management Plan and considering changing to IVA or Bankruptcy

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by carrie222 » Wed May 24, 2017 9:01 pm
I am in a debt management plan and I am considering changing to either IVA or perhaps bankruptcy. I am on the management committee of a community group which has changed to charitable status recently. Do I need to resign now as I am in an agreement with my creditors or can I wait until I have changed to IVA.
Thank you.
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Forum Expert
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by Foggy » Thu May 25, 2017 6:43 am
A debt managment plan is an informal agreement. I believe the charities commission only object to those in a formal arrangement.
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by redboxtree » Thu May 25, 2017 6:46 am
Personally I would do it now - going into an IVA will take all your attention.
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Michael Peoples
Industry Expert
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by Michael Peoples » Thu May 25, 2017 8:31 am
It may be worth a call top the charities commission to see if your actual position would be affected by a formal insolvency. You may not need to resign at all.
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Lisa Thomas
Industry Expert
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by Lisa Thomas » Thu May 25, 2017 1:39 pm
Check the charity T's and C's which should answer your query.

BKY and IVA are two very different things.

These may help a little:
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