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Posted: Sun Feb 24, 2008 9:26 am
by bos
can debts owed to the inland revenue be written off with an iva and what is the shortest period you can have an iva for
Posted: Sun Feb 24, 2008 9:59 am
by Soulgrowth
Hi Bos ... just wanted to welcome you to the Forum ... one of the experts will be around soon to answer your question [:)]
Debbie
Posted: Sun Feb 24, 2008 10:45 am
by MelanieGiles
Hi bos
Debts to HMTC can and should be included in an IVA, the balance of which is eventually written off once all payments have been made under the terms of the IVA and a Certificate of Due Completion issued.
If the IVA is based on contributions, it generally will need to run for five years, but this can be shortened or lengthened depending upon your circumstances.
What is the nature of the debt? Is it from a trading business (ie are you self-employed) or is it an overpayment of tax credits? And what other debts do you have?