Suggestions for this board please?

meinni

1 Did IVA and court protection granted.
2 Worked with IVA court agent and agreed I could dispose of assetts.
3 Did meeting with creditors and offered 38p in £. IVA agent did this and I had to attend.
4 Disposed of all assetts at best possible proce and fell short.
5. IVA agent paid 34p in £ without nexotiation
6. All accepted, I am solvent. Get a letter stating you are solvent at this point, or do afidavid as then no can come after you for transferred assetts after this date.
7. I did manage to keep our home as wife owned 55% all payments in her name, though joint mortage, and prices were not so high in 1993.
8. Transfered all interests formally in home when solvent so can not happen again.
9 Hope this helps someone, duration was 15 months, amount was £138000
10 The stress is hell but its is great after it. We now have 3 Properties, crazy eh., but no loans!! Assets around £600,000 so take heart, you will make a come back. The darkest hours are between 2 and 5 am, try sleeping tablet each second night, 'nighttall one per night' brand is good. Avoid alchohol completely, One excellent stress reliever is KAVA KAVA, you can buy on the net, I still have the stuff every night instead of alchohol. Alcholol will compound your stress.

meinni

Sorry, the year of IVA was 2003 and not 1993 as stated above, just feels so long ago though.

meinni

More IVA tips
1. Disclose everything.
2. If you can, use an accountant to prepare your list of assetts and liabilities in its entireity, if not do a very good job yourself or lean on a friend.
3. Only at this point seek an IVA agent. Avoid citizens advice bureau, these people often have their cronnies in IVA.
4. Pick the BIG NAMES only and do not be afraid of fees, theese will all come from the POT. A professional insolvency agency is best as oposed to those specialising in IVA. These people are often already known and respected by banks etc. Make sure they also act for banks etc in respect of 'forced bankruptcy' as this lends much to their credibility when they are negotiating for you in the reverse instance.
5 Forget about trying to save something, focus on this as you progress towards resolution.
6. Last and should be first: DO IT IMMEDIATELY, NOW. Get everything on paper, liabilities (Debts) and assetts \9approx values, Accuracy can come later. Include everything. The moment you have court protection you are safe from bankruptcy for at least one year.

fnc6810

Sorry to disagree with you meinni but fees are a dodgy subject I had to pay 100p in the £ and all of my IP's Fees and also my creditors interest up untill the date of the creditors meeting. 100% true but that was my experiance
fnc6810

meinni

Goes to show I do not know everything, and thanks for sharing that. Your assett was probably greater than your debt, in my case it worked out at 38p per pound because my assetts were 38% of debt and the debt including the IVA fees of £5000. I was in business as a sole trader.