Iva

[mattie3979]

I haven't seen anything about IVAs on this forum - what are people's thoughts?

For those of you that don't know what an IVA is -it is a step away from bankruptcy but, if your debts really are overwhelming and going bankrupt seems the only way out, taking out an IVA could you prevent you from having to go down the bankruptcy route.

IVAs are a joint agreement between a person in debt and his/her creditors. Both parties agree to repay a percentage of the debt for an agreed period of time.

Detailed information about taking out an IVA

[Manke]

If you are struggling with your debt repayments you can use an IVA to get your creditors to accept a plan you can afford. Under this government initiative you need to show that you cannot afford your debts.
This is done by showing that your monthly living costs and debts are more than your monthly income.
An IVA (Individual Voluntary Arrangement) can be an excellent way to solve serious debt problems, leaving you with no further liability towards your unsecured debts in (normally) 60 months. It could lower your monthly repayments, stop demands from your creditors and freeze the interest and charges on your debt.

[bemetoday]

A legally binding way to reduce the amount that you pay back subject to the agreement of 75% (in value) of your creditors...