www.iva.co.uk

my husband and i have debts of about £45K and cannot repay them so we considering bankruptcy but was told about an IVA we do not own a property but do have a car etc we do not want to lose. mt husnad is self employed so we are not sure if we will qualify?

Hi tami.d welcome to the forum. I can't answer your question but an expert will be along shortly. If you can list a bit more information about debts and incommings that will help them.

Hey tami, welcome to the forum. IVA's were originally for the self-employed so you've got no problems there. However, there are lots of other factors involved. I think that you should give an insolvency practitioner a call to go over all options. An expert will be along shortly to advise you. Viki X

As far as I'm aware IVAs were first created for self employed people.

I don't have property and I was accepted for an IVA. I was allowed to keep my car, but I do think it depends on the value of the car.

I would recommend contacting a couple of insolvency practitioners to discuss your options.

Good luck!

An IVA may well be a possibility for you if you have sufficient disposable income to make a sensible offer of repayment to your creditors over a realistic timescale. Bankruptcy is also an option, and these days does not necessarily mean that your husband could not trade, so it is also worth considering with the advisor(s) you choose to contact.