Hi Marc, Moving home whilst in an IVA should not be a problem, however, you would need to consider any increased rental costs and the affect this will have on your ability to maintain your IVA payments. Your income and expenditure would need to be reviewed by your IVA company once you move and your ...

Hi Phil,

I am assuming that you have not actually entered into an IVA but are considering it. Is this assumption correct?

Thanks.

Hi Phil, There will usually be an expectation that you release your share of the equity in the final year of the IVA to pay your creditors via the IVA. If your share of the equity is equal to or more than your total unsecured debts, then the IVA may not be acceptable to your creditors unless you off...

Hi Sue, Goosed is right in saying that you should run everything past your IP. I would add to this and say that you should speak to your IP prior to committing yourself to the new job. This way your IP can assess your circumstances and advise you if your IVA would still be viable before you commit t...

Hi Mark, On the face of it, what you are proposing is completely viable and highly likely that such a proposal would be accepted by your creditors as they are getting a lump sum as full and final settlement up front as opposed to waiting 5 years for their money. Full & finals are always preferred by...

Hi Nick, I think you are right. Your income earned AND paid prior to the approval of your IVA should not be included in the IVA. The only way I can see that you would be obliged to pay funds to the IVA earned prior to the approval would be if this is what was proposed in the IVA (which is unlikely b...

Hi Ben, I agree with Foggy that you may well find it difficult to open a new business bank account. PI should cover you whether you are a sole trader or a limited co. Protocol complaint IVAs state that you would need to contribute 50% (net profit) of any additional income you earn. The other 50% is ...

Hi, It would depend on the terms of your proposal and the modifications that have been put forward by your creditors at the initial creditor meeting. There is a standard modification put forward by The Insolvency Exchange who represent a large portion of high street lenders that states that any fund...

Hi, Your IVA should have no direct impact on your partner's credit worthiness. As mentioned in previous posts, joint finances could affect your partner's credit rating, but this is due to the fact that you are both responsible for the repayment of joint debts. This will be the case whether you enter...

Hi, I agree with Andy in that you should take advice from your IP as the first port of call. All IPs have slightly different opinions on how a joint I&E for a sole case should be presented. Andy's suggested formula is the most common approach taken by IPs, however, it would really depend on your per...

Hi,

You cannot be taken off the your IVA without your permission, even if it is a joint IVA.

Speak to your Supervisor (Insolvency Practitioner) as soon as possible to seek clarification on the matter.

Good Luck!

Hi, Good luck for the 30th August. The 75% vote count will be based on creditors that actually vote, not all your actual creditors. For you to have a creditor meeting booked, your Insolvency Practitioner would have conduced a detailed assessment of your circumstances and drafted the proposal based o...