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Posted: Thu Aug 07, 2008 11:46 pm
by vince.b
My wife went into invol, last year with over 18000 worth of debts..and only pays £1 pr month to each creditor..is this legal..to a com advertised in the sun
Posted: Fri Aug 08, 2008 12:00 am
by Viki.W
Hey vince, welcome to the forum. Is it a debt management company? what's their name? X
Posted: Fri Aug 08, 2008 8:27 am
by vince.b
the company is called spectrum in think..
Also did you have an awnser to my last question..I run a small ltd company with a business partner who mainly lives abroad.business is looking bleak, & we have an overdraft of 27000 and we are personaly liable for this( not against my property) If we close the company and say have around 20000 still overdrawn, Can i legally go insolvent on a personal bases as i also have around 10000 of credit cards..but I will also have to look for new employment?....Vince
Posted: Fri Aug 08, 2008 8:48 am
by orchid5
Hi Vince, welcome to the forum, Melanie is probably the best person to answer your question regarding the legal side of what is permissable etc within an IVA.
I wish you well and hope you get sorted soon.
Posted: Fri Aug 08, 2008 9:20 am
by MelanieGiles
Hi Vince
If you are going to be left in the position where you cannot repay your debts, then you will need to look at the options for insolvency - such as bankruptcy, IVA or a DMP. An insolvency practitioner ought to be able to help you to understand the advantages and disadvantages of each one.