Is an IVA an option

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sarah.l

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Post by sarah.l » Thu May 17, 2007 4:15 pm
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Is an IVA an option if the client has a Charging Order against his property by one of his creditors?
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Oliver

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Post by Oliver » Thu May 17, 2007 4:33 pm
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If someone has had a charging ordered agreed by the courts then this debt will have become secured and therefore can't be included in an IVA.

If the charging order is being applied for now but has not been accepted by the court a person may seek an interim order allowing them time to adjourn the charging order whilst they propose an IVA. If IVA was succesfully accepted then this debt would then be included in the IVA.

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Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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Oliver
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MelanieGiles

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Post by MelanieGiles » Thu May 17, 2007 5:33 pm
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Hi Sarah and welcome to the forum

A charging order will not prevent the presentation of an IVA, but as Oliver confirms the creditor will not be party to the arrangement given its secured status.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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