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Emergency IVA
How realistic is it to be able to arrange an IVA in a week. I have a bankruptcy hearing on Monday 19th Dec (my fourth) and although I have been fighting this all the way I believe I'm at the end of the road. I have equity in my jointly owned property (approx 60k) but have been unable to raise a loan against it due to a bad credit rating (CCJ). I have one creditor - HMRC and owe them just over £8000. I have failed to come to a payment arrangement with them that they will accept.
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EMPLOYEE
I’m
chasing for you
Hi Alison, I'm sure my colleagues will be better placed to answer you first thing in the morning about the feasibility of an emergency IVA.
The best bet for them to answer your case specifically with full details, would be if you supply your details via the debt analyser using the same email address you used to post your message here. An adviser will be in touch tomorrow. All the best.Comment -
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Good Afternoon Alison
It would be difficult to arrange an IVA in one week before your bankruptcy hearing on the 19 December so your nominee would have to apply to court for an Interim Order under sections 252-253 of the Insolvency Act 1986 which would if approved give you a minimum of 14 days to make your proposal to creditors. The Interim Order would for the period it is in force stay any bankruptcy proceedings and any other proceeding could not be commenced or continued without leave of the court.
Additionally to be able to propose an IVA to your creditors there would need to be a minimum of two creditors to whom you owe money. Are there any additional people you owe money to? E.g. Credit cards, bank overdraft etc
Kind regards
Matthew -
EMPLOYEE
