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I was looking for your thoughts and advice re me doing an IVA.


As a couple, me and my hubby have nearly £40,000 of unsecured debt. 1 personal loan and the rest in credit cards and an overdraft.


I am currently trying to get a signed credit agreement from MBNA hopefully pursuing the unenforceable route.


However, I am now finding myself looking for a wider debt solution and wondering if an IVA would be a better way forward for us to clear our debt in a structured plan. We are struggling to meet monthly payments each month and pay £800 per month to the above mentioned debt!!! Therefore an IVA for say £400 would be much more manageable.


However, there are some grey areas!!! Here is our personal debt and in brackets how long this debt would take to pay off under current arrangements:


Santander £9000 (2.5 years)

MBNA £6100 (over 100 years!)

Egg £6900 (5 years)

Barclays £3000 (4 years)

Natwest £4200 (4 years)

HSBC £7000 (2.5 years)


I also have an overdraft with HSBC of £2000.


Now for the grey areas....


We also both are the only company directors of our own LTD business - of which we have the same creditor - HSBC - an overdraft and a business loan (which we are personally liable for - directors gaurantees). As this is a LTD company, I am unsure whether having a personal IVA would effect the credit on the LTD company or is this completely separate?


We also have our mortgage with the HSBC and while with an IVA your assets can be protected. Can my mortgage be effected as the same creditor to which will be included in the IVA? Could they take my house?


Am I right in thinking that if an IVA is unsuccessful, you are automatically declared bankrupt? If so, this would clearly mess up our business and source of income!


Is a LTD company protected - in terms of supplier accounts, if the company directors have a personal IVA?


Depending on the answers above it does raise the question of whether to do both business and personal IVA's and start again...


Any advice, views etc would be much appreciated.


Thank you

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Because of the complications with you having a Ltd Co., etc you really should have some expert advice, have a word with Contact Payplan | Debt Advice | Payplan

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