1 pound per month to each creditor

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vince.b

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Post by vince.b » Thu Aug 07, 2008 11:46 pm
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My wife went into invol, last year with over 18000 worth of debts..and only pays £1 pr month to each creditor..is this legal..to a com advertised in the sun
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Viki.W

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Post by Viki.W » Fri Aug 08, 2008 12:00 am
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Hey vince, welcome to the forum. Is it a debt management company? what's their name? X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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vince.b

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Post by vince.b » Fri Aug 08, 2008 8:27 am
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the company is called spectrum in think..
Also did you have an awnser to my last question..I run a small ltd company with a business partner who mainly lives abroad.business is looking bleak, & we have an overdraft of 27000 and we are personaly liable for this( not against my property) If we close the company and say have around 20000 still overdrawn, Can i legally go insolvent on a personal bases as i also have around 10000 of credit cards..but I will also have to look for new employment?....Vince
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orchid5

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Post by orchid5 » Fri Aug 08, 2008 8:48 am
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Hi Vince, welcome to the forum, Melanie is probably the best person to answer your question regarding the legal side of what is permissable etc within an IVA.

I wish you well and hope you get sorted soon.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.

IVA COMPLETED August 2012, received Completion certificate 18.4.13.
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MelanieGiles

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Post by MelanieGiles » Fri Aug 08, 2008 9:20 am
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Hi Vince

If you are going to be left in the position where you cannot repay your debts, then you will need to look at the options for insolvency - such as bankruptcy, IVA or a DMP. An insolvency practitioner ought to be able to help you to understand the advantages and disadvantages of each one.
Regards, Melanie Giles, Insolvency Practitioner
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