IVA in the UK? has anyone had experience with this??
I am thinking about doing an IVA i know what it is and how you do it i was just wondering if anyone who has done this thinks it was the right decision or if they now regret it? can you tell me why either way thanks
- g4oxygeneLv 41 decade agoFavorite Answer
I'm currently considering the same, so will keep an eye on responses here. Sorry I can't actually advise anything myself.
- 1 decade ago
IVA voluntary arrangement
the company get you debts and arranges payment to them all
they write letter stating that you can only pay this amount and that they will collect payment from you and pay them there is a percentage they take for doing this .If you do not pay they will cause a lot of problems i would not use them .I used to go and do bankruptcies and i would have to see if they were fraudulent and a lot of people had use Iva and had to go bank rupt for more that they owed because they did not pay the Iva
also you house is covered and you car only if you keep up with the payments get advice before dealing with these companies they make it sound easy
i would write to the companies you self and arrange a monthly payment and if they do not accept them them its that amount or i will have to go bankrupt ,they will say OK they will accept
if you do want to go bankrupt and you own a car on hp and a house they will put a charge on you property so when you want to sell you will have to pay it off when you sell your car will be taken as assets.if you do not own any you will be dept free for £450 pounds.
- Anonymous1 decade ago
An IVA was designed to help those in debt and was introduced by the Government as a way for those in debt to avoid bankruptcy.
If you are in debt and you qualify for an IVA. it is often the best way option for you.
I know One Advice can offer great service and can offer you free advice and information:
^^ Try this site for more information.
Don't know if this Debt Test will help you:
You put in your info and it shows you your options. Maybe an IVA isn't the best solution for you?
Good luck.Source(s): http://www.oneadvice.co.uk/ One Advice http://www.oneadvice.co.uk/debt-wizard.html Debt Test