We have to have an IVA

[29spots]

This week we have received a Statutory Demand from a creditor that we owe about £25000 to as we are unable to come up with this amount in 21 days we have had no option but to go for and IVA. Which is probably a good thing as now our debts will be sorted out and we can stop looking over our shoulder all the time.

I have so many questions as I have never considered an IVA before, there is so much to take in. I have read a few threads and they have been helpful, but any advice anybody can give me will be very welcome.

[Reviva UK]

It would be almost impossible to give you advise on the information posted because there is soo much one needs to know.

However you need to understand the creditor voting rules within an IVA and also is one affordable / do you have assets / what other debt do you have etc.

The main thing to remember at this stage is that you need to have a GREAT relationship with your IP and absolutely need to remember that the choice of IP is probably more important than any other consideration.

Highly recommend Melanie Giles & team and they will give you FREE sound advice about your options and if an IVA is possible.

It would be a great place to start.

Good luck

[29spots]

Thankyou for the quick reply, I am trying to get Lombard (owe want the £25000)to make an arrangement with us or to have the van back from us, but they will not talk to me. We spelt out the situation to them yesterday that making us bankrupt will me that they will not get anything were as making an arrangement with us they will get their money back.

We owe with lombard about £65000 and we would be able to aford an iva if we found the right one. The main problem we have is the HP for the van and have to kept our business going to be able to pay for the debts and to live.

If we are made bankrupt we will lose everything and have no income, which makes an IVA our only option.

[Reviva UK]

2 options and you need to be QUICK as the clock is ticking.

STEP 1. Call melanie within the next 10 minutes and go over the case. If an IVA is possible she is able to halt the Stat demand and control that issue.

STEP 2. IF an IVA is not possible or unlikely to succeed ( and the best person to tell you if it is possible is Melanie). You need an option B and melanie can recommend someone that will deal with the creditors and work through plan B.

Please Please Please call as the clock is ticking and the longer you leave it the more difficult it is for someone to help.

Good luck with the call.

[TREES57]

Hi 29spots, just wanted to say that we are with Melanie's team and although it is early days for us the service we have recieved so far is second to none.You can do no harm just contacting them to see where you stand.Hope all goes well xx

[29spots]

Thank you for the advice, by advising Lombard that they have given no option but to go for an IVA if they continue with the bankruptcy, they are more than willing to except an arrangement with us. I know we are not out of the woods yet so to speak but it is a start. To confirm the arrangment we have made we have demanded taht they confirm in writing that no legal action will be taken. This has delayed them for now and we may still have to do an IVA in the future if we cannot get the other finances under controll.