Looking at an IVA

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ross487

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Post by ross487 » Fri Nov 02, 2018 3:37 pm
I'm looking at an IVA as an option to pay around 50k of debts off, mainly credit card/loans over 7 or 8 creditors. issues are that i've split with my ex although we're still 50/50 owners of the house and with a court case looming that may have prison time at the end what happens if/when my income goes to zero or i'm 'away' for a year??

kallis3

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Post by kallis3 » Fri Nov 02, 2018 5:03 pm
Hi,

I think you need some specific advice about your circumstances.. I am sure one of our experts can help or I would certainly recommend going to CAB for some advice.
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

Foggy

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Post by Foggy » Fri Nov 02, 2018 5:09 pm
ross487 wrote:
I'm looking at an IVA as an option to pay around 50k of debts off, mainly credit card/loans over 7 or 8 creditors. issues are that i've split with my ex although we're still 50/50 owners of the house and with a court case looming that may have prison time at the end what happens if/when my income goes to zero or i'm 'away' for a year??
You can factor in changes to suit what might happen to the house and, probably, the prospect of of being "away" for a time by catering for an extended break. You need to speak to an IP to factor in everything else to check whether an IVA is the best way forward.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Mon Nov 05, 2018 10:22 am
What do you expect to happen with the house as part of the divorce proceedings?

If your ex gets all of the house do you have any assets to offer creditors in an IVA?

Have you taken any advice?

Have you explored Bankruptcy as an option?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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