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IVA Advice please help

surrey-ed
Posts: 18 Forumite
Hi,
My partner and I are considering an IVA due to our debts of approx £60k unsecured.
We are managing to meet our repayments but only just and this involves borrowing money to do so.
A couple of questions:
1. Are we able to have an IVA and what does this involve.
2. Do we need to give access to our bank accounts
3. How long does it last and will it affect us getting credit in the future?
4. We also owe £33k to parent in laws - will this be taken into consideration
5. We have a property abroad - would we be forced to sell this (It will cost us £36k in fees to do this)
6. We have a flat worth £150k with £155k mortgage - would we have to sell this??
My partner and I are considering an IVA due to our debts of approx £60k unsecured.
We are managing to meet our repayments but only just and this involves borrowing money to do so.
A couple of questions:
1. Are we able to have an IVA and what does this involve.
2. Do we need to give access to our bank accounts
3. How long does it last and will it affect us getting credit in the future?
4. We also owe £33k to parent in laws - will this be taken into consideration
5. We have a property abroad - would we be forced to sell this (It will cost us £36k in fees to do this)
6. We have a flat worth £150k with £155k mortgage - would we have to sell this??
0
Comments
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Sorry, I'm not much use with your IVA questions but I wanted to say hi!
I see you've asked for advice before, it does seem that your situation is quite complicated (what with the rental property abroad etc).
The advice you were given before really still stands - you need to put together a full Statement of Affairs: detailing incomings, outgoings, debts, aprs, repayments etc. There's really no way for people to advise properly unless they know some more details. This kind of detail will be the first thing asked for by any organisation that you contact, for advice or to arrange a dmp or iva. Have a look at southernscouser's post at the top of the board with advice for first time posters, on putting together an soa etc.
When you've got as much detail as possible it'll be easier for those more knowledgeable than me to try and answer your questions.
Best of luck!Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue QOfficial DFW Nerd Club - Member no. 003Proud to have become debt free... and striving to keep it that way
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surrey-ed wrote:Hi,
My partner and I are considering an IVA due to our debts of approx £60k unsecured.
We are managing to meet our repayments but only just and this involves borrowing money to do so.
A couple of questions:
1. Are we able to have an IVA and what does this involve.
2. Do we need to give access to our bank accounts
3. How long does it last and will it affect us getting credit in the future?
4. We also owe £33k to parent in laws - will this be taken into consideration
5. We have a property abroad - would we be forced to sell this (It will cost us £36k in fees to do this)
6. We have a flat worth £150k with £155k mortgage - would we have to sell this??
1. See my post for an idea of how it works. (yours will be different due ot your assets) http://forums.moneysavingexpert.com/showthread.html?t=237135
2. Not access as such but you will need to show statements etc
3. 5 years of repayments plus one more year of it on your credit record then it disappears.
4. This is tricky. You'll either have to include it (and therefore not pay your parent in laws back nearly the full amount, of not include it which would get tricky when you count your disposable income.
5. Dont know.
6. Dont know.
Ring CCCS or Payplan.Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
Debt free 21st Oct 2011.
All thanks to :money:0 -
My advice from someone who has been through IVA is find yourself a good insolvency practitioner - see several. Not a pleasant profession but some are better than others. It is a remarkably unregulated group of people who make a lot of money for doing little but they have the licence to do so. You need to check fees with all of them.Yes - you should be able to include debts to relatives and you should push to do this as their vote will could force the other creditors to accept your proposal. No - you won't be able to get credit and IVA is on your credit file for 6 years. It is a difficult road and I speak from experience. Property abroad - my guess is that you'll have to declare it but it will be difficult to decide upon a market value - Spain for instance tends to favour land values rather than market values so valuations for this sort of purpose are on the low side. How your uk flat is treated depends upon the terms of the IVA - there would not appear to be any equity there so I can't see how you would be forced to sell it. Above all, my advice is get the right IP who will draft a proposal that is manageable and will therefore succeed0
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