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  • FIRST POST
    • Js01
    • By Js01 22nd Jul 18, 12:52 PM
    • 3Posts
    • 0Thanks
    Js01
    IVA in the military
    • #1
    • 22nd Jul 18, 12:52 PM
    IVA in the military 22nd Jul 18 at 12:52 PM
    Hi,

    Iím considering evetering an IVA as I am struggling o get out of it.

    There are a few things I would like some help with if anyone can offer any advice.

    As a serving member of the UK armed forces, am I under any obligation to inform them I am entering an IVA? I donít want to go directly to HR and highlight the issue if it is not necessary.

    When the IVA is finished, how long will it take until I can apply for a mortgage with a chance of being accepted? I have read and heard different opinions on this. As some of my debts are currently with debt collection agencies I assume the damage is already done and an IVA wonít make it much worse?

    Any help with any of the above would be appreciated
Page 1
    • sourcrates
    • By sourcrates 22nd Jul 18, 1:02 PM
    • 14,894 Posts
    • 13,975 Thanks
    sourcrates
    • #2
    • 22nd Jul 18, 1:02 PM
    • #2
    • 22nd Jul 18, 1:02 PM
    Hi,


    Your not under any obligation to inform anyone of your IVA status.


    However, it may be in your interest to do so under certain circumstances, some good info here for you :


    https://www.ivaadviceforum.co.uk/News%20articles/canarmedforcespersonnelembarkuponaniva.php


    IVA `s can last up to 6 years, and you are correct, the damage really is already done, usually by the time its ended, your credit file has healed itself, as the negative information either, will of gone, or will do so soon after.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
  • National Debtline
    • #3
    • 23rd Jul 18, 11:47 AM
    • #3
    • 23rd Jul 18, 11:47 AM
    Hi Js01 and welcome to MSE,


    If you are unsure if an IVA would be a breach of your employment, then try and check your contract or a handbook to be sure. Remember that if you do decide to do an IVA it will be recorded on the Individual Insolvency Register, so it is better to check your obligation to declare.


    An IVA is a form of insolvency and whilst your credit file would already have some damage through things like defaults, an IVA would be more damaging once added and can potentially have a more long term affect as well. If you apply for credit in the future and it asks you if you have 'ever' been insolvent then this would be something you need to declare (even if it no longer shows on your history). This is what can affect you getting credit in the long term. However, in the interest of being balanced, you also cannot really rebuild your credit file until you are debt free, so if negotiations would take a long time, insolvency may be the better option.

    You could post your SOA on here for more options, or call one of the free debt charities.


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • Js01
    • By Js01 7th Aug 18, 11:06 AM
    • 3 Posts
    • 0 Thanks
    Js01
    • #4
    • 7th Aug 18, 11:06 AM
    • #4
    • 7th Aug 18, 11:06 AM
    Thanks for the reply Laura. The IVA/trust deed is something Iím looking to now go ahead with.

    I am currently a director of a company. I have a third of the company. We donít take massive profit and the dividends isnít huge.

    I have been informed if I enter the agreement I have to resign. Do you have any further info on this? TIA
    • Js01
    • By Js01 7th Aug 18, 4:46 PM
    • 3 Posts
    • 0 Thanks
    Js01
    • #5
    • 7th Aug 18, 4:46 PM
    • #5
    • 7th Aug 18, 4:46 PM
    Just to confirm it is a trust deed I am involved in as i live in Scotland
    • DorisTrousers
    • By DorisTrousers 8th Aug 18, 2:20 PM
    • 520 Posts
    • 296 Thanks
    DorisTrousers
    • #6
    • 8th Aug 18, 2:20 PM
    • #6
    • 8th Aug 18, 2:20 PM
    My understanding is that there is no bar to being a company director in a PTD per se, but you should disclose it to any other directors.
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