Would an IVA suit me?

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Post by tim » Wed Jul 25, 2018 8:25 pm
Hi, I was overpaid salary for 12 months amounting to £35,000. The company (Public sector) are requesting that I set up a Direct Debit to pay them back, but I am extremely behind on rent and bills and my outgoings are already over my incoming current salary. I also have many other creditors. I have overcome a huge gambling addiction and am now looking to get my life back together. I am approximately £48,000 in debt. Would an IVA suit me?


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Post by Foggy » Wed Jul 25, 2018 8:33 pm
It would depend on much more than you can divulge in an open forum and you really need to chat to a few insolvency firms for specific advice. You will find them easy to talk to and completely non-judgemental and you have already done the hardest bit in recognising the problem.

To find out a little more about IVA's have a read here: https://www.iva.co.uk/what-is-an-iva and here: https://www.iva.co.uk/guide-pros-and-cons
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by redboxtree » Thu Jul 26, 2018 9:54 am
Is the £35000 owed to your employer included in the £48000 that you identified?

You need to think this through and that includes talking to your employer about what would happen if you went into an IVA.

I have half a feeling that your employment may be at risk because I am not sure they could allow you to continue working for them whilst expecting that debt to be written off.


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Post by kallis3 » Thu Jul 26, 2018 10:29 am
I agree with Foggy - speak to an IVA company and see if they can do anything to help.

I would also advise making an anonymous call to your HR to see how it could affect your employment.

Just curious as to how you didn't notice you had been over paid?
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.

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Post by Lisa Thomas » Mon Jul 30, 2018 9:35 am
An IVA might be viable but it is worth exploring all options - for example also having a look at Bankruptcy.

Speak to an Insolvency practitioner for some advice.
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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