Looking at an IVA

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
ross487
Posts: 1
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??
User avatar
kallis3
Forum Expert
Posts: 73747
Contact
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.
User avatar
Foggy
Forum Expert
Posts: 27350
Contact
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.
User avatar
Lisa Thomas
Industry Expert
Posts: 7055
Contact
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?
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Lisa Thomas and 29 guests