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[razor]

Can IVAs go on for longer than 5 years? Also is it possible to finish an IVA sooner than the period of time that has been agreed?

Thanks

[Senior Insolvency Practit]

An IVA can go on for whatever period you put forward in your proposal to creditors though creditors don't usually want the proposal to go on for more than 5 years.

If your arrangement is initially for five years it may be extended with the agreement of creditors if you need a payment hoilday for a good reson such as; job loss necessitating a payment break while you find a new job.
The concusion of the arrangement can be brought forward, again with the agreement of creditor, if you are able to offer a lump sum (from a third party) in full and final settlement of the debts.

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[davep]

Hi,

New to forum and just want some clear advice if poss.

I have 2 x unsecured business loans totalling approx £10,000.


I also have arrears of approx £2,000 council tax..which I am repaying at £100pm

In addition to above i have an overdraft of £1,200 on an account that has now been suspended.

I also have gas and electric arrears of approx £1,400 which I am paying fixed amounts to try and clear arrears.

All above totalling approx £15,000 is my own buisness debt.

We lost our home in April 2008 purely down to the aggressive tactics of Blemain Finance (whom we had an unsecured loan of £64,000) with. Over aperiod of 18 months they added in excess of £17,000 charges some of what was an early repayment.

The house was sold and funds paid off the mortgaget and secured loan. However the £7,000 they(Blemain) are now pursuing is all basically legal costs and excessive charges.

I am trying to challenge all the charges as they are excessive..

but are at the stage now as the business is struggling to investigate as to whether declaring myself bankrupt would write off the debt.

I am a sole trader, if I do go bankrupt will all of the above debt be written off. I assume the Blemain debt £7,000 as it is in joint names may be a problem..??

Any advice would be much appreciated.

Kind Regards

Davep

[Hg]

Hello

If you go bankrupt the debts will be written of in respect of you, but Blemain will chase the other party to their debt instead.