Would an IVA be ok for me?

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ashley811
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by ashley811 » Thu Nov 15, 2018 10:57 am
I’m looking at going either bankrupt or getting an iva. I have around 15000 debt. Including council tax. HMRC self assessment late filing fees, tax credit over payment. And credit cards and some utilitie bills. I am currently in the middle of personal injury claim against me/my business. Would this be included in my Iva off the claimant won? As I’m extremely worried as I don’t have the money to pay. And my business is now closed Down and I’m jus working self employed renting a chair as a hairdresser now.
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MerlinL14
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by MerlinL14 » Thu Nov 15, 2018 1:35 pm
At 15k I would be looking down the route of a debt management process rather than an IVA. You are not guaranteed anything in a debt management plan but it would be first step to sorting out your cash flow. You need to speak to a few companies to gauge their response and advice and see if it really does meet your approval and agreed method of getting out of debt, don't get rushed or forced into anything without careful thought. An IVA will stuff your credit rating to zilch for 6 years. Carful thought after getting personal advice from several companies is the best way forward. If you are not sure what you are being told then pop back on here and ask a question to seek further advise, we have all been there and know some of the pit falls you may not see under your stressed out condition.
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Lisa Thomas
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by Lisa Thomas » Thu Nov 15, 2018 3:32 pm
Merlin do you mean Debt Relief Order?
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Lisa Thomas
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by Lisa Thomas » Thu Nov 15, 2018 3:34 pm
A Debt Relief Order or Bankruptcy may well work for you if you have no assets to lose.

There are pros and cons. You may have to get permission form your Trustee to continue trading.

An IVA could work too. If you lose the claim against you and enter an insolvency procedure after the Judgement has been made the debt will be included.
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Lisa Thomas
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by Lisa Thomas » Thu Nov 15, 2018 3:35 pm
Have a look at my quick video here as a starting guide. There are more detailed videos for you to then drill down into as regards the options.

https://youtu.be/TgalT1vhn6M
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MerlinL14
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by MerlinL14 » Thu Nov 15, 2018 6:03 pm
Lisa Thomas wrote:
Merlin do you mean Debt Relief Order?


Yes, just couldn't think of what it was officially called.
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Lisa Thomas
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by Lisa Thomas » Fri Nov 16, 2018 10:30 am
Ashley

A Debt Relief Order and Debt Management Plan are 2 different procedures.
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