IVA or other option..please help if you were in my shoes

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ams
Posts: 5
by ams » Wed Dec 20, 2017 7:47 pm
Hi There,

I am an IT contractor, and I earn decent wage but I have accumulated 90k worth of debt including 25K owed to HMRC as I lost money in shares (i know I've been stupid, request to please don't remind me in the fourm).
My total outgoings in loan payments are more than I can sustain and I am not able to pay HMRC as lumpsum so I've arrange for payments.
I have little equiity in the house but I'll sell whenever I'll get a decent price otherwise it's no point selling it.

I would really appreciate help from the fourm if someone can guide me ways I can reducme my monthly outgoings with the lenders. However -

1) must not impact my ability to work as an IT contractor, I've read all contracts make it mandatory for employment business to be informed if insolvency is filled ?
2) reduce my monthly outgoings even if it means paying longer term as I can balance my life.
3) Must not attack my house as an asset as I'll keep paying once agreed but rather downsize my house and have roof over head of my family.
4) I do not have monies to pay as I am in tonns of debt and have wife, 2 kids to support.

In brief, I want to maintain trading and have the earnings ability to pay back, also don't want impact upon my home, and protection from legal actions.

I have read a lot about various options but I am not sure which road to take.


Thanks
amit
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Foggy
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by Foggy » Wed Dec 20, 2017 8:23 pm
Hi -- I am afraid you want to have your cake and eat it too !

Of the possible options:

Debt Relief Order ---- debt too big
Bankruptcy -- will affect employment and might lose house
IVA -- might affect employment, but house protected ( but downsizing during the IVA will be resisted) and impunity from debt collection
Debt Management Plan -- informal arrangement, house protected, no protection from debt collection

I would think the one that gives you most of what you want is a DMP ---- if all creditors agree to co-operate you should be OK from enforcement ( but this cannot be guaranteed).

This is all based on the very limited information you have given and I would suggest a chat with a couple of firms to get a detailed analysis and game plan.
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jonathah
Posts: 66
by jonathah » Wed Dec 20, 2017 8:55 pm
You think you've been stupid? Recently some Wall Street bankers lost north of $1bn on a S African company. We all make mistakes. Swings, roundabouts.

Anyway....

For what it's worth whilst I didn't have your level of debt I work both PAYE and S/E and the IVA was unquestionably the clearest and simplest solution but above all was most financially advantageous.

At the end of the day, if you have a proper income, debts can be managed.

There are some very sound practitioners/advisers on this forum who will be glad to help.

Good luck.
ams
Posts: 5
by ams » Thu Dec 21, 2017 6:31 am
Hi There,

I am an IT contractor, and I earn decent wage but I have accumulated 90k worth of debt including 25K owed to HMRC as I lost money in shares (i know I've been stupid, request to please don't remind me in the fourm).
My total outgoings in loan payments are more than I can sustain and I am not able to pay HMRC as lumpsum so I've arrange for payments.
I have little equiity in the house but I'll sell whenever I'll get a decent price otherwise it's no point selling it.

I would really appreciate help from the fourm if someone can guide me ways I can reducme my monthly outgoings with the lenders. However -

1) must not impact my ability to work as a contractor?
2) reduce my monthly outgoings even if it means paying longer term as I can balance my life.
3) Must not attack my house as an asset as I'll keep paying once agreed but rather downsize my house and have roof over head of my family.
4) I do not have monies to pay as I am tonns of debt.

I essence, I want to maintain trading and have the earnings ability to pay back, also don't want impact upon my home, and protection from legal actions.

I have read a lot about various options but I am not sure which road to take.


Thanks
amit
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Foggy
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by Foggy » Thu Dec 21, 2017 7:54 am
Topics merged
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Lisa Thomas
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by Lisa Thomas » Thu Dec 21, 2017 3:45 pm
IVA might be suitable for you with possibility of keeping house but you may have to inform your employer depending on the wording, although I can't see why you would lose you job over it. Perhaps an anonymous call to HR might be needed.
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