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IVA advice

luckyluke7
luckyluke7 Posts: 19 Forumite
Part of the Furniture 10 Posts Combo Breaker
I had a failed business and thanks to personal guarantees I now have nearly 800k of debt. Obviously bankruptcy sounds like the answer but I have 2 other limited companies that are doing ok and I don't want to give up being a director of these businesses.
I also have a mortgaged property (Tennant in common) with my partner. Would you say an IVA is my best move?

Comments

  • On-the-coast
    On-the-coast Posts: 658 Forumite
    Seventh Anniversary 500 Posts Name Dropper
    I think you need professional advice. 
    Also look at CVA (not IVA) if limited companies. 
  • Grumpelstiltskin
    Grumpelstiltskin Posts: 5,581 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    These are the people to contact for advice.

    Debt advice | Free Debt Advice and Support | Business Debtline

    Do not be taken in by any IVA company, be 200% sure you are doing the correct thing before you jump.
    If you go down to the woods today you better not go alone.
  • ManyWays
    ManyWays Posts: 1,451 Forumite
    1,000 Posts Fifth Anniversary Name Dropper
    I think you need professional advice. 
    Also look at CVA (not IVA) if limited companies. 
    I don't think a CVA will help where there are personal guarantees. Business Debtline can confirm this.

    An IVA may be a good option but with such a large amount of debt, there will have to be a pretty large monthly payments to get the IVA to be approved by the creditors, especially if there is a lot of equity in the property. 

    You do not want to talk to a large IVA firm, this is not a cookie-cutter IVA; I suggest you need a specialist firm of accountants, sorry no recommendations
  • babymoonbeam
    babymoonbeam Posts: 2 Newbie
    Photogenic First Post
    Did you make any progress with this? I am in the same boat and trying to figure out what to do. I feel like I’m at the end of the road. 
  • luckyluke7
    luckyluke7 Posts: 19 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Did you make any progress with this? I am in the same boat and trying to figure out what to do. I feel like I’m at the end of the road. 
    Yeah I spoke to my accountant who recommended an insolvency practitioner who has been great so far in writing my IVA proposal. It's just been submitted to my creditors and she's been back and forward to me with their demands/wants etc. I'd say if your debt is anywhere as large as mine and you are a homeowner/director you'll need specialist advice that you won't necessarily get with one of these big IVA farm type firms.
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