Would an IVA be appropriate for me?

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julie123
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by julie123 » Wed Feb 21, 2018 2:07 pm
Hi,

I am wondering if an iva would be appropriate.

I have a few different loans with debts totalling around £20'000 some of these are in debt collection others are not, debt payments are working out at around £900 a month which I can not afford ..
I do have a guarantor loan which is where my query is, would I have to declare that loan on an iva or could I not include it and just continue to pay that one separately so that it didn't get passed to my brother in law for payment? There is 21 months left of payments on it . thanks
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Foggy
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by Foggy » Wed Feb 21, 2018 2:18 pm
The guarantor loan woukd have to be declared and included in the IVA -- ALL debts have to be declared and unsecured debts included. This will mean that the creditors for that loan will pursue your Brother in law for the payments.
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Lisa Thomas
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by Lisa Thomas » Thu Feb 22, 2018 9:57 am
We cannot say if an IVA is the best option for you without knowing a lot more information.

For example Bankruptcy or a Debt Relief Order might also be worth exploring.

What do you do for a living?

How much income would you have left at the end of every month if you did not have to pay your creditors? (presume c£900)

What assets do you have?

Here is a quick video I made on different insolvency options:

https://youtu.be/TgalT1vhn6M

There are also more detailed videos on my You Tube page re BKY and DROs etc.
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Lisa Thomas
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by Lisa Thomas » Thu Feb 22, 2018 9:58 am
I would presume a DRO won't apply with the estimated surplus income you might have of up to £900.
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