1) i have little or perhaps negative equity in my home, at current time and mortgage is due for renewal after incentive deal expires in oct 2010. what is situation if i am accepted for iva, will my lender automatically refuse to offer any "incentive deal when this one expires" as I will be shown in an iva and force me onto the variable rate at the time?
2) I may have option to live with my parents abroad, if I am in an iva do I have to be currently in uk to pay monthly payments
Firstly, if you move abroad to live with your parents, as long as you continue to make your IVA payments then there won't be a problem.
Secondly, any renewal of a mortgage deal is down to the individual lender and we cannot say on here whether or not they will renew if you are in an IVA.
If you are thinking of going along this route, I recommend that you take professional advice. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will get free and impartial advice as to all the options open to you and the best solutions for your circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi and welcome from me - you need professional advice to discuss all of your financial matters. Quickly though you can make payments from abroad into your IVA.
So 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.
Yes - living abroad poses no problem so long as you keep your IP informed of your movements and are available to receive and send mail. Most of my client living abroad are content to correspond with us electronically and this seems to work quite well.
Kallis is correct about your mortgage. Only your current lender or a suitably qualified independent financial advisor can give proper advice about mortgages.
what do you need to supply to creditors as regards income. my income is tempermental and i work in property real estate which has nose dived. do they take last years accounts as assessment of income
I am assuming that you are self-employed. You will need to therefore produce your last three years trading accounts, last three years tax returns, management accounts for the current period and at detailed trading forecast for going forward over the next year.
A good IP will build some flexibility into your IVA proposal to deal with peaks and troughs of trading.
You should only see a firm of IP's who have experience of doing self employed trading IVA's as they can be difficult in assessing your likely income in the current climate.
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.
Thankyou for information so far. I am Director of a company on 50% share, our income for last two years would show excess income above debt mthly payment but we may struggle to have this verified ongoing.
i noticed this comment from melanaie on another thread:-
You could get an IVA if your Dad is prepared to guarantee the payments, but Jan makes good points about the benefits of bankruptcy as well. Best to take advice from an insolvency practitioner to find out about all of the options which are available to you - and I hope you find a job soon.
could I arrange for my father to guarantee iva payment? he is in retirement but independently weathly via f salary pension scheme that both parents are receiving
That could be a possibility so yes. I would be prepared to put one forward on that basis , obviously checking into your Dad's financial position would be a pre-requisite.
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.
Perhaps you could also explore the possibility of your Dad offering you a lump sum to offer to creditors as a full and final settlement as well. It would get the IVA closed a lot earlier, and you could repay him back over time.
Not just that but sufficient evidence to prove that his guarrantee is worth at least the amount that you promise to pay into your IVA in case you default.
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.
