Some Q about IVA

amir · Joined: 14 Dec 2007 Posts: 1

Hello
My Q,s are:
1-If I apply for Iva the creditors will be send bailiff to my home?
2-I separated with my wife (we didn’t married in UK) and this about 2-3 years ago, applying for IVA will be effect to her?
3-for £45000 debt (shame) Embarassed

My expense in a month include the rent is £700 and the company I am working there they deduct tax and they pay me cheque or cash sometimes daily sometimes weekly and sometimes monthly( a month around £1200 my Q is for prove my income creditors I will be in trouble?because dosnt show in bank statement but can be confirm by company and payslip and HMRC.
4-Usually what they need for prove my income?
5-If I leave this job and move to working as a minicab driver (for make more money) what they need to show them my income because will be self employed. I heard self employed will be rejecting in IVA.
6-In IVA process are they check where I spend the money (I lost some of money in casino and I spend some in some business which I lost all).
7- After clear the debt I am able to back to normal to get mortgage.. Etc.
8-I have one property (share) in other country (not European) and I have this one from my father but for some reason I am not able to get any money until next 2 – 3 years. Should I tell IVA or creditors?
If I don’t tell them and next years I receive money for this property should I pay all money for debt even more than agreement for 5 years period?
Example: with £45000 if they agree for pay back £15000 and the money come for my property more than this they will take all or just I should clear £15000.
If I receive this money after 5 years they will back to me for money?

Thank you, look forward to receive reply
Regards
Amir

Embarassed

David · Posted: Thu May 15, 2008 6:00 am Post subject: ANSWERS

1. No
2. No
3. That is OK
4. Wage slips/P60/letter from Employer/Contract of employment
5. Need records to prove your income and expenses
6. Creditors will want the IVA firm to check this. They will not be happy with your gambling though.
7. In time yes - provided you have kept up with the IVA properly
8. Information has to be provided and confirmation of inability to sell for 2/3 years BUT at that time the proceeds must be made available to your creditors - depends on value and what you owe. If value is more than you owe Creditors will want full payment