www.iva.co.uk

I need to consider an iva
My unsecured debts total approximately 90K including 1 credit card, 1 loan,1 vehicle hire company and the majority to HMRC for a personal vat liability .
I have an approximate disposable income of £600-£700 per Month and have moved home to my Parents to try and sort my life out financially.
I have an asset with my ex wife with equity but I have no way of accessing the equity for 10 years until my children are adults.
Would this be a viable option for me,if so how long would the term be?

Hi,

I would suggest that you speak to a number of firms for advice.

Andy Davie/Vincent Bond (details under 'Ask experts a question' link on the left hand side of the page) for some free advice and a possible way forward.

An IVA typically lasts 5/6 years but there are no hard and fast rules.

HMRC can be an awkward creditor to deal with and if there is equity they could demand this be released even if this means a sale. However if the property is protected by court order or even a consent order then the asset could be safe. Your IP would need to see the relevant paperwork before any proposal is drafted so make sure you speak to an IP experienced in self employed matters.

Hi Team - Yes on the face of it an IVA might be a viable option for you as it sounds like creditors could get a reasonable dividend back but an IP will need to consider your financial situation in detail so probably best to have a face to face meeting with an IP in your local area. Most good ones should not charge you for an initial meeting. If the property is held in trust for your children then it will probably be excluded from your IVA.