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Posted: Mon Apr 21, 2008 10:36 am
by angela123
I am considering an IVA. So far, i have never missed a payment to any of my creditors but am finding it increasingly hard to have essential bill money and to keep up these creditor payments, at the moment i am sailing very close to the wind! Do i have to be in a situation where i am missing payments to be considered for an IVA?
Posted: Mon Apr 21, 2008 10:48 am
by sblack
Hi and welcome to the forum,
No not at all. We had never missed a payment to any of our creditors before our IVA.
Posted: Mon Apr 21, 2008 11:10 am
by MelanieGiles
Hi Angela123 and welcome to the forum
I assume that you have only been managing to repay your creditors by taking out further borrowings, and have therefore come to the conclusion that this cannot continue. It will not matter, therefore, whether you are up to date with payments or not - the test of insolvency is not being able to pay your debts as they fall due - and this is applied before further borrowings are taken into account.
I suggest that you have a chat with a licensed insolvency practitioner who can explain all of the options available to you enabling you to make the right choice for your future.