Uk iva

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zxcvbnm

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Has anyone gone through a uk iva ?
It's something I'm considering.

I'm surprised that no one here seems to speak of it above uk bankruptcy.

A full and final settlement as an iva could be a viable option for many would it not ?
 
But would a Debt Settlement Arrangement or a PIA here not be easier?

Presumably the creditors can veto an IVA. So you move to the UK, establish your COMI, and then find that it's vetoed.

Brendan
 
I'm already based in uk.
The guy I have advising me says that trying to do an agreement with bank takes forever. He says IVAs are better as quicker - and seemingly irish banks seem to be agreeable to them.

I still don't fully understand why a bank wouldn't just do an informal agreement instead as effectively it's the same thing is it not ?

I need to query my advisor further I guess.
 
I am starting to do more of these now. They work if you have something to offer which they may view as a reasonable offer. They know that as you are here the alternative is bankruptcy and no recovery.

I am happy to chat and advise you of the process, costs and likelihood of success.

Steve Thatcher
 
Thanks Steve.

My residual debt is 350k after selling properties. I could probably offer up to 50k.
Not sure if this would be considered satisfactory.

I also could leave my job to make myself unemployed if that would strengthen my case.

Although an iva would obviously effect my credit rating - which given my line of work may impact employment prospects in the future.

So my preference would be they just take the 50k as in informal agreement and leave my uk credit rating intact.

Is there any reason why the bank wouldnt just take the 50k informally and let that be that - as opposed to taking it via an iva and destroying my uk credit rating in the process I wonder ?
 
zxcvbnm said:
So my preference would be they just take the 50k as in informal agreement and leave my uk credit rating intact.
Click to expand...

Is your credit record intact at present?

Surely if the banks write off a big chunk of debt, it will be marked on your credit record?
 
Brendan Burgess said:
Is your credit record intact at present?

Surely if the banks write off a big chunk of debt, it will be marked on your credit record?
Click to expand...

So my debts are with irish banks. Irish credit rating is ruined.

But I'm in uk. So my credit rating here is fine. (I'm assuming they are treated as separate credit ratings in each country ?)

So if bank does an informal agreement (rather than a uk iva) then I'm assuming my uk credit rating would remain unaffected?
And as my credit rating can effect my employment prospects in uk then my preference would be an informal lump sum to bsnk rather than doing so via a uk iva.
 
zxcvbnm said:
Thanks Steve.

My residual debt is 350k after selling properties. I could probably offer up to 50k.
Not sure if this would be considered satisfactory.

I also could leave my job to make myself unemployed if that would strengthen my case.

Although an iva would obviously effect my credit rating - which given my line of work may impact employment prospects in the future.

So my preference would be they just take the 50k as in informal agreement and leave my uk credit rating intact.

Is there any reason why the bank wouldnt just take the 50k informally and let that be that - as opposed to taking it via an iva and destroying my uk credit rating in the process I wonder ?
Click to expand...

You can certainly offer the £50,000 in f and f settlement. If accepted it would be binding. If your debt is spread across a number of lenders. You would need to spread it pari passu and get them all to accept. But certainly it is an option.

It would not I'm pretty sure affect your credit rating here. An IVA or bankruptcy here would of course.

Steve Thatcher
 
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