I am considering the IVA option due to excessive debts through cards/loans. My income is high when working (2500 per month)but as I am a contractor my work is not definite. When not working my monthly debts for cards/loans(£1200) force me to borrow more to pay the outgoings and for years have been stuck in this trap.
I have never missed a payment so will this go against chance of IVA?
My other concern is that I part own a property abroad which is my main residence and I rent in the UK in order to carry out my work. There is no equity in the house and I pay half the mortgage each month. Could there be any risk to my share of the house by entering a IVA as it is in another country?
I beleive you have to have a steady income to enter into an IVA but a DMP may be an option. I'm afraid I can't help you with your other queries but I'm sure someone will be along with an answer for you shortly.
It's best that you talk to an IP as until they know all the details, they will only be able to give general advice and not a specific solution to your individual case.
The sooner you do, the sooner you will have your questions answered and the sooner you can get on the road to recovery. I dilly-dallied for far too long, trying to get the answers before I picked up the phone - it doesn't work that way and it's less scary than you think it's going to be.
Try contacting David Mond (Cleardebt/Abacus) or Melanie Giles.
Good luck and let us know how you get on.
"It's better to be in control on a small budget than to be out of control on a large budget."
You will need to declare your interest in the property if you offer an IVA to your creditors, and will likely be asked to look at raising equity for the benefit of creditors during the final year, regardless of the property's location.
Your irregular income is not necessarily a problem, but the IP you choose to represent you will need to ensure that you retain enought of the income you earn in the peaks to cover any losses in the troughs.
You need to have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars.
Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with.
They will give you the appropriate advice and it is free.
Let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
