Rent

[andy b]

Hi there,

Could someone please clear up the following as to whether commercial rent can be included into an iva as the following sentence makes it unclear.

Which Debts Can’t Be Included?
Some debts cannot be included within an IVA. These will normally involve secured debts, such as a vehicle HP or Mortgage arrears. Other debts such as Rent and Council Tax arrears and fines (such as parking offences) will normally have to be paid and provision for the repayment of these debts will be made separately.

I have a shop lease which runs for another 7 years @ 12k per annum.

Many thanks,
Andy

[Wizzard]

Hi Andy ... I'll bump this back to the top of the list for you and hopefully an expert will pick up on it.

[chris.g]

I'm almost sure you can include commercial rent in an IVA but one of the experts will be along soon no doubt to answer your question

[MelanieGiles]

If the commercial lease is in your name then it must be included in the IVA, but are you going to continue trading? If so, then you will just continue to pay your rent on the usual due dates.

[andy b]

hi there,

no i won't continue trading, christmas will yet again decide whether i can continue or not for the following year.

[MelanieGiles]

Then the residual balance due to your landlord will need to be taken into account in the IVA, but they will have a responsibility to mitigate their claim by trying to find a new tenant - which will then reduce the amount you will be left owing.

[andy b]

ok, many thanks