whether an IVA is the way forward for me ?

[steve123]

Hi
Can you advise whether an IVA is the way forward for me.
I currently owe £46700.
Pay over £1000 per month.
Never missed a payment
I am self employed and business has gone very slow so I am having difficulties meeting payments.
I am married with 2 children.
We live in a shared ownership house but I am not named on the mortgage.
Dont think I will be able to remortgage under the curcumstances.
Any advice would be appreciated

[ianmillington]

You certainly are potentially within the criteria for an IVA, based upon your figures. However some very brief observations:

I note you are in business. Firstly do you owe anything to HMRC either included in or additional to the £46,700 to which you refer. Also, I note that business has gone very slow. Is this a "blip" or a sign that your business is no longer viable or unable to fund your living requirements?

You need to speak to an IP to find out all the options available. If an IVA is to be attempted, because you are self-employed you will, to many of the bulk IVA providers, be a square peg in a round whole. Any IVA you attempt will be more complex than one for an employee. Whoever you speak to, before committing yourself to anything, make sure the person is not out of their depth.

Ian

[MelanieGiles]

Hi there

Just to reiterate Ian's advice with regard to the choice of an advisor - please do make sure that you choose someone who has experience of self-employed cases as most of the volume processors actually refer these on in any case.

With regard to your shared ownership property, although you are not named on the title it may be that you have developed a beneficial interest in the property by nature of your contribution towards the costs. Is there any particular reason why you are not named on the property ?