Can I do an Invidividual Voluntary arrangement all by myslef or do I have to have a company deal with it?

Question

Also what is the best rate you can end up paying back in and IVA? ie. Is it 10p in every pound of debt that you can end up paying back?

Pay tax on eveything but not currently employed, waiting for a hip operation and get the highest level of disability because of my lack of mobility and daily pain since a car accident.

Answer 1

Are you a tax payer??

Answer 2

The IVA itself is set up by a licensed Insolvency Practitioner (IP), who is a qualified professional that acts as your representative to get the IVA in place. You can not set one up by yourself.

Your "best rate" scenario is a little off. IVA's are personal things and are set up around your circumstances. In theory, the maximum that can be "written off" is 75% of your debt, however this figure is a maximum and chances are that you won't get anywhere near that much written off. Your figure of 10p in every £ implies 90% of your debt written off, this is unfortunately impossible.

Sorry, just seen your additional information. To enter into an IVA you have to be employed. This is as it is started in the 1986 insolvency act

Answer 3

Seek more advice from the citizens advice bureau. They sorted out all my financial problems when I had to finish work due to ill health. Your DLA should not be taken into account, as that money is for your disability and is non means tested. Have a benefit check done at the same time, you may not be claiming all you should be. If you own your own home, bankruptcy is not for you as you will lose the house, ask about administation orders too. Lots of ways these days to handle your debts. CAB for sure, or visit their website.

Answer 4

Yes you can but the trick is to have all your creditors agree to your proposals