will I still qualify for an IVA?

[gary12]

I'm a UK National looking to start an IVA to clear debts of circa £20K - However, I have been offered a new job in Europe; if I move to the continent will I still qualify for an IVA?

[carlmcmullen]

Hi Gary,

Providing you can still maintain the proposed monthly payment then it is not a problem if you were to enter into an IVA.

You need to remember though that the cost of living will differ whilst in Europe so you need to make sure that you have reasonable allowances.

[MelanieGiles]

Hi Gary and welcome to the forum

I would make the application before you move if I were you, and then there is no problem as I have lots of clients who make their payments from abroad.

Will the new job have any affect on your salary? As £20,000 is not that much and you may find you can better manage your repayments if your salary is going to be higher?

[gary12]

Will the new job have any affect on your salary? As £20,000 is not that much and you may find you can better manage your repayments if your salary is going to be higher?

Thank you for the advice.

@Melanie - the role in Germany will increase my base salary, but I am moving on my own, so will now not be sharing the debt costs with my partner.

My debts are as mentioned circa £20,000, with repayments equal too £600(X2 Non Secured Loans & X2 Credit Cards)per month. Granted my rent in Germany will be approx 500/month instead of £1000 as it is here in the UK, I also have to take into account the Germany tax and medical which equates to approx 45% of my monthly income. It's still going to be tight when you weigh the outgoings against the incomings.

How long does an IVA take to set up and which are the best companies to contact?

Thanks again.

Regards
Gary

[MelanieGiles]

An IVA can be prepared within 24 hours if necessary, but a four to six week period is more likely from the time your IP receives all documentation that is needed.

As I am not allowed to promote my own firm on this forum, it would be inappropriate for me to recommend any other companies, but you might like to have a look at www.iva.com where you can see feedback on all insolvency practitioners - and if you have a look at my blog on "Choosing an Advisor" this may give you some tips on the sort of questions to be asking.