IVA advice

[major eyeswater]

Hi I am currently in a DMP, with a total debt jointly with my wife, of £90k. We are paying £750 per month, however, we are about to move abroad, and our available income to continue paying will drop dramatically to around £400, which will increase the timescale of the DMP to a very long period (15-20 years). It seems that an IVA may be a good option here. Could anyone confirm that?
Also, having just sold my small business, I have approximately £10k available, which I was going to pay off most of the business loan and overdraft with. Would I be best advised to wait to see whether an IVA would be approriate, and then include this lump sum within the proposal?

many thanks

[MelanieGiles]

Hi there major and welcome to the forum - I love the pseudonym by the way!

I would have thought an IVA would have been a good idea from day one to be honest, but perhaps you had reasons as to why you wanted to avoid this and pay your creditors in full.

And IVA would work for you now, but it would be better if you have it in place before you leave the UK. The money left from the sale of the business ought to be offered to all creditors rather than a selected few, and gives a good start to an IVA which ought to be able to pay a very early dividend to your creditors.

It would now be sensible to have a chat with an insovency practitioner to discuss your options for the future.

Good luck with the relocation, and I hope you are going somewhere a little warmer than this!!

[major eyeswater]

Hi Melanie, and thanks for the swift reply!

I tend to agree with you about the IVA from the start. We recieved advice from CCCS, and, if I remember correctly, a possible reason for not doing so was that we felt we may have had some equity in the house to protect. As it turns out, the price we've agreed on barely pays off the mortgage..
So, we don't want to be one of these "emigrate and do a runner" cases, but would like to face up to our responsibilities where practical, but without jeoparding our chance of a new life (in Canada btw, not exactly warmer!)

We do have some essential costs to bear, like shipping, flights, rent deposits etc, so the rational of sorting it after we've got there was to avoid having ALL our cash seized and then can't pay to get there!

If you feel that we may be a case you can help with, I'd love to talk, and will call you during office hours if that is ok.

Thanks again.

[MelanieGiles]

Oh I am so jealous! Canada! I absolutely love it there and have twice been skiing in the Rocky Mountains. What a wonderful country with lovely people. You are very lucky.

There is no problem in keeping some of your money to meet removal and relocations costs - this can be built into an IVA from the start. Perhaps we will speak soon.

[major eyeswater]

Hi Melanie

Have spoken to one of your staff this morning and left some details. Hope to speak soon.

[Viki.W]

Good luck major eyeswater, I'm jealous too![:)] X

[major eyeswater]

thanks Viki![;)]

[Lisa2009]

Good luck, you will be in very safe hands with Melanie and her team.
Good luck with the move too, you must be really excited xxx

[nopottopissin]

hi
thanks for the encouragement on my thread. slightly off topic, some days all i dream about is escaping this country and canada would be my first choice. have you got a job lined up, are you skilled, how have you decided which part of the country to go to. are you my doppleganger ?

[major eyeswater]

hehe it would seem so!

yes to all those questions! going to outskirts of Toronto, and organised a job a few months ago. It's the only way to get in really, as a standard visa, without a pre-arranged job has approx 4 years wait!

[kallis3]

Oooh major eyeswater, I'm jealous too! I would love to go back to Canada.

I've only been once, and that just to Niagara Falls (we stayed with friends in New York and drove up there for a couple of days), and had a fantastic time.

Good luck with the move, hope everything works out ok for you.

[major eyeswater]

thanks Jan, much appreciated![:)]

[tori]

lucky you ! what a fantastic oppurtunity.hope you get everything sorted out then you can look forward to your new life in canada.take care.[:D] [:D]