Assets

roger · Joined: 02 Nov 2007 Posts: 1

I'm considering a IVA but i have a question

i own (outright) a static caravan which we use for our family holidays, (It works out cheaper when you have 5 children) would i have to give this up if i went into a IVA?

Also, i am paid a annual bonus by my employer (about 4k after tax), how would this be viewed in a IVA?

Cheryl · Posted: Mon Nov 05, 2007 2:59 pm Post subject: Assets

Roger,

Many thanks for your post.

When proposing an IVA, you have a duty to declare your full assets and liabilities to your creditors, although you can chose to exclude an asset from your arrangement.

With regards to excluding your caravan, this would be dependent on the value. You must also be aware that if you propose the IVA excluding the caravan, your creditors could request that this asset be sold and the funds be paid into the arrangement for the benefit of your creditors, we would not know the outcome of this until your Creditors Meeting is held.

With regards to your bonus, it is a standard clause in our IVA proposal that 50% of any bonuses are paid into the IVA, but again, creditors could amend this at the Creditors Meeting.

Please feel free to contact me should you require any further information or wish to discuss the above in more detail.

Regards

Cheryl