I'm just reading through all the paperwork for IVA before signing and returning however am concerned that there are references to parts of the Insolvency Act and Insolvency Rules which obviously doesn't mean anything to me should I be trying to look them up?
I have to admit Desperate that I didn't look any of the legal stuff up and was happy with the proposal, signed it and sent it back, it was all explained to me verbally by my IP and I was happy. Not sure what others did. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
thankfully i was very lucky and had a few friends who work within the legal system who looked over it for me and said it was all ok. But as the above said your IP will answer any questions you have so please ensure before you sign anything your clear on what you are committing to such as the total amount of payments, income and expenditure, yearly reviews etc etc
Hope this helps
Drew
IVA completion and certificate received 08/10/2012!!!
If you have any doubts, speak to your IP and they will explain it all to you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is very important to ensure that you fully understand all of the terms included in your IVA proposal, but it is the role of the IP to make sure that they have fully explained everything.
You don't need to go searching for the individual rules, as they should have already been discussed with you during your clearance meeting. If anything looks ambiguous, make sure you arrange another meeting to be sure you are not letting yourself into something you could regret later on.
