Congratulations on approval AJB.

Understood.

I would speak to the mortgage lender to confirm the details on the statement regarding the remaining term.

This clause does seem to be included in the majority of IVAs. Your Ip will know for certain.

That's right. The IVA can only include debts that you are personally liable for, and corporation tax would not fall into this category. So in terms of the self assessment income tax that you owe as a payment on account from January, would this amount alone mean you are insolvent in the terms outline...

I imagine it must be terrible waiting for the day to arrive. Try and stay positive though; if you think you have done everything right the chances are that you have, and the 5th of July really will be the payment that means you are debt free.

I don't agree. 95% of your debt is with Lloyds TSB who have a policy of rejecting IVAs where they hold more than 75% of the aggregate debt - and with only one other small creditor you would be far better off approaching Lloyds directly to try and make them an offer - they may even be able to consoli...

Hi Carl

An IVA sounds like favourable option given your circumstances. What would you say the value of your property is?

Is the tax bill yours, ie do you trade as a sole trader?

Congratulations, and no modifications either!

Yes, I see - Bea would only be solvent if the proceeds could be realised now as opposed to in future.

Fingers crossed here.

It's the potential value that could be realised later down the line. Assuming the property can be sold at some stage during the term I think an IVA proposal would have to consider it as an asset, and on paper Bea would not be insolvent.

Good luck for the 30th Vito, hope all goes well.

Hi Bea An IVA in these circumstances is complex as technically you have an assets that, if sold, would realise more than you currently owe. It might be an idea to consider entering into a debt management plan to reduce your outgoings while the property situation is being resolved, and then simply re...