IVA Questions & Answers
Q : Can I get an IVA if I am living abroad?
A :
If you are a Brit living abroad, you might still have significant debts back home in Britain that you are struggling to cope with. Take the case of Frank and Helen, they owned a small bar and restaurant in Lloret in Spain, but they were having trouble repaying some of their UK debts of forty thousand pounds in credit cards and loans. They still owned a property back in the United Kingdom and didn't want to become bankrupt because they would most likely lose that asset.
This is quite tricky. First off, they are British citizens and could return to the UK if necessary. They have an address in the United Kingdom and can make their application for an IVA or Individual Voluntary Arrangement based on that address. Any unsecured debts can be included in the IVA, so their credit cards and unsecured loans can be included in this. Their secured loans will still require regular payment throughout the period of the IVA nonetheless, in order to keep their house if a mortgage is still in effect. If there is any equity in their UK property, they would have to release it close to the end of the IVA period.
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