question category: IVA

Is it appropriate for me to get an IVA? I run my own one-manned company and so am a Director
Submitted on: 5th Mar 2010 by Non-Member | Total Answers: 1

I have joint mortgage with my seperated wife but do not live in the house except when I stay there to visit my kids.
I pay the mortgage and most of the bills in lieu of maintenance for the kids.
There is about £100k of equity in the property which I would prefer not to have to release as half of this is the seperated wife's anyway.

I have a total of £35500 on credit cards (all at minimum monthly payments for several years now) total monthly payments are c.£1000 per month.

I also have c.£7500 left on a loan (4 years left to go @ £109 pm) and I owe HMRC £6200 on account for 2009-2010 Tax Year.

Mortgage on the joint mortgage is c.£800 per month.

Utility Bills and my accommodation costs are c.£750 per month.

Other monthly expenses total c.£550 per month (car, food etc).

Total monthly income after deductions is around £3000.

i.e. 3000-(1000+800+750+550) = -100 per month but I also need to pay half of my tax bill now (£3100)

Also, can I remain a Director of a Ltd Company with an IVA?

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Re: Is it appropriate for me to get an IVA? I run my own ...

You have enough debt to qualify for an IVA, but probably not enough available income. You need to have approximately £200 disposable income per month or a lump sum available. It may be that realising the equity in your property is the best solution. You will still be able to continue as a director of a limited company if you enter into an IVA. The best thing would be to speak to a money advisor who will assess your situation and outline all potential solutions available to you.

This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.

Submitted on: 23rd Nov 2010 by TA Member

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