Questions about Individual Voluntary Arrangements and Insolvency.

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Byvialli69
#217501 Hello Everybody,

I have been trying to make sense of all my debts, last week i went to see a debt specialist at my local CAB we discussed my options and came to the conclusion that i am buggerd! She arranged for me to speak to a insolvency practitioner regarding bankruptcy.

I went to see the lady and she advised me that i have too much equity in my house to go bankrupt (I don't want to lose my house!)

She then suggested if i could get my hands on some money a full and final IVA would be the way to go!

I have £43250.00 of unsecured debt, she thought that if i could come up with 20k (Which i could get from my brother!) that my creditors would accept this!

I don't know a thing about full and final iva's but this seems like a high amount to me, any thoughts?

I have been unemployed since February and am really struggling to find a job that pays more than the benefits myself and family are on.

Does anybody know anything about full and final iva's?
Any Advice is more than welcome
Bynotout
#217510 do an internet search for full and final IVA, try the insolvency service site

the fnf iva is very rare, as creditors obviously try for their best option, and just believe that the fnf is the best they will get. hence, if yure leaving the country for a long time, retiring, taking a big pay cut or unable to work because of sickness, it could be the best offer they will get. they just have to be convinced that it actually is the best offer, otherwise they'll be inclined to wait. if they believe you ,ay get a job in the nest year or so and will resume normal payments, they may be happy to add the interest and wait for you to resume paying the now inflated debt. if they believe you won't resume work, or be able to pay (or be made to pay - eg if you emigrate) then obviously, anything they can get is better than nothing.

you could offer a full and final payment - settling the debt for a lump sum at a discount, but the same applies - they must believe their interest is best served by settling rather than pursuing or waiting. Trouble is, if your property has large equity, they may be willing to wait, or even to court action, and ultimately pursue bankruptcy simply because they know they cam get money from your estate.
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