Should I go straight into an IVA.

[paulw]

1)I have been paying debts so far but have now reached point were I cant continue. Should I contact creditors first to say I cant pay the minimum payments and see there response or just go straight into an IVA.
2)Can creditors make you bankrupt straight away or do they usual give you a chance?
3)Most of my debt (60%/£25000 unsecured) is with LLoyds TSB. Has anyone had experience of them?


Kind regards

[Adam Davies]

Hi and welcome
I,ll answer your questions the best that I can with the limited info

1]You will need to speak to several IVA providers to see if they feel that an IVA is suitable and to see if you think that it is suitable.You can only enter into an IVA with the majority of your creditors approval.
2]Yes they can petition for bakruptcy but it is unusual unless you have failed an IVA or failed to respond to any communication
3]Lloyds TSB are a creditor that will look at an IVA with an open mind.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[MelanieGiles]

I think it would be a good idea to talk to your creditors to see if they have any suggestions for you, but then I would take independent professional advice, as most creditors will only be concerned about their own position.

Creditors can make you bankrupt if you are unable to repay their debts, but it is unlikely that they will. They would rather pursue you for ongoing payments if this is possible.

I find Lloyds TSB and extremely supportive creditor towards IVA proposals - but only if they represent the best solution you can possibly offer. You will need to find an insolvency practitioner to represent you who has experience of putting forward IVA proposals.

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