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Thinking of an IVA

Bish18 Forumite Posts: 2 Newbie
Hi everyone,

I’m new, but hopeful of some good advise.

I’ve been to see an IP today who has advised me an IVA is the best solution for me to look towards. My current situation is that I’m a company director of a business which is extremely viable, however has lost some income, which in turn means my take home salary/dividend needs to decrease. I’m extremely keen to preserve the business as it’s my income (although my wife does also work).

My current debts are:
Loan = £35k
C.card = £13k
C.card = £7.8k
C.card = £2.3k
C.card = £213
Overdraft = normally around £3k
HP = £6.8k (although this can be handed back)

So total debts around £60k mark (if I hand the car back)

Would an IVA be the most sensible solution here?


  • foxy-stoat
    foxy-stoat Forumite Posts: 6,879
    Eighth Anniversary 1,000 Posts Name Dropper
    You own your own house? If so how much equity do you have?
  • Bish18
    Bish18 Forumite Posts: 2 Newbie
    We are in rented accommodation, however do have a buy to let property... however it has very little equity in, if any!
  • PrettyKittyKat
    PrettyKittyKat Forumite Posts: 1,270 Forumite
    Would being insolvent affect your ability to be the company director? (all businesses are different so always worth checking!)

    What disposable income do you have? I.E. what payment level has the IP suggested? Or better still do you have your statement of affairs you can post?

    Are any of the debts in joint names with your wife?

    Are your circumstances likely to remain the same for the next 5 years? (to the best of your knowledge anyway!)
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