Would an IVA be a suitable option

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david351
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by david351 » Fri Mar 23, 2018 12:16 pm
I am asking this question on behalf of my son. He lives with his partner, all debts are in her name along with the rental accommodation. She is on benefit, and he is self-employed, it appears she has run up debts of around £ 9000 with several creditors, they have been contacted by the ballifs. My son has asked me for advice, would an I V A be possible, or is there a better option to relieve them of this burden, there are 3 children all under the age of sixteen, they have been approached by a insolvency adviser. Thank you
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Foggy
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by Foggy » Fri Mar 23, 2018 12:24 pm
david351 wrote:
I am asking this question on behalf of my son. He lives with his partner, all debts are in her name along with the rental accommodation. She is on benefit, and he is self-employed, it appears she has run up debts of around £ 9000 with several creditors, they have been contacted by the ballifs. My son has asked me for advice, would an I V A be possible, or is there a better option to relieve them of this burden, there are 3 children all under the age of sixteen, they have been approached by a insolvency adviser. Thank you



First I would be wary of an insolvency advisor appearing out of the blue ... how did this advisor get wind of the situation ?

£9k is a low debt for the full force of an IVA to be brought to bear and there are other solutions, but, as ever, the full pictures needs to be discussed with a reputable insolvency advisor to determine the best way forward.

On the face of what we have been told a DRO (Debt Relief Order) might also be in the running. Further information regarding DROs can be found here: https://www.citizensadvice.org.uk/debt- ... ef-orders/
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kallis3
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by kallis3 » Fri Mar 23, 2018 12:31 pm
I agree with Foggy. Don't speak to anyone who cold calls you.

Speak to an Independent IP - a DRO does sound like an attractive option but take advice first.
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Lisa Thomas
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by Lisa Thomas » Fri Mar 23, 2018 12:47 pm
Maybe a DRO, Debt Management Plan or Bankruptcy would be more suitable than an IVA in the circumstances.

Your sons girlfried should take advice from CAB or citizens advice bureau.

Here is a quick video giving basics of different options:

https://youtu.be/TgalT1vhn6M
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