Not suitable for IVA, What Now?

[matt.d]

Hi all,

I have spent the last week talking to various people and doing research on IVAS. I currently have debts around 78K and have been told that I am unsuitable for an IVA due to not being able to afford the 40%+ that HSBC (my major creditor) would ask for. All that said, it leaves me with the option of continuing on a DMP that will last 17 years (!!!!), perhaps trying again for a IVA in the future or looking at going bankrupt.

I currently have a property which I am co owner of with my wife, we have around 15-20K in equity. Obviously I won't take the risk that they may take my home away so I just want to know what happens in these cases. These are all debts solely in my name. Any advice is most appreciated.

Thanks
M

[Adam Davies]

Hi
There are rumours that HSBC may be relaxing the ridiculous 40p hurdle rate very soon.
In bankruptcy you would need someone[partner ?] to buy your equity share from the Official Receiver for you to keep the property.
Why not wait for a couple of weeks to see if there is some movement with HSBC,then re consider your options
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp