iVA from abroad

bluecar111

Hi

I currently have 49k debt from my time living in the UK (monthly payments around 2100/month). I left UK 15 months ago (outside the EU) and have continued to pay the monthly repayments/min pay fee.

However, my situation has changed dramatically these few months (getting a divorce) and this has made the payments unsustainable. Even though some loans have 20 months remaining, I dont believe I can continue in the current state.

I am interested in an IVA as this is perfect for me in terms of keeping a budget. I believe I should be able to contribute around 250/month going forward calculating all my expenses.

Few questions:
Do you think my iva will be accepted from abroad? (otherwise the other option will be bankruptcy)

Can anyone recommend somewhere to locate an IP that may help me?

Thank you

mwarby

I suspect you'll struggle with an IVA from abroad due to the long term nature adding complication and smaller firms disappearing(not as much profit in an IVA as there used to be). A smaller company maybe better for you as they will hopefully be more able to handle a none standard IVA

Is there any reason why your reluctant to go bankrupt ? the big plus being that unlike an IVA you can't fail bankruptcy, and all over in 3 years if you get IPA or 1 if not

sourcrates

Once you have lived outside the UK for more than 3 years you lose the right to have an IVA, so you had better make a choice soon.


To be honest, I would not bother with an IVA, you may as well just go bankrupt, its much simpler, and as the poster above has said, it cannot fail.


Why lumber yourself with payments for another 6 years potentially, just get it over and done with and start again a fresh.