www.iva.co.uk

Hi All,

If I'm in an IVA ...

- Will the reasons for how I got into debt be subject to scrutiny (as in bankruptcy)?

- Will my landlord be informed and/or am I obliged to inform him/her myself?

- Will my employer be informed and/or am I obliged to inform them myself?

- Will my tax code be affected?

- Will I suffer any employment restrictions and are there any professions that would be affected by this?

- In the lead up to an IVA, are creditors legally permitted to contact me even after I inform them that an IVA is pending?

- How long, on average, does it take to set up an IVA?

Sorry for all the basic questions, I'm obviously very new to all this ...

Hi there
I will have a go for you bla.

1 We were only asked the reasons for our debt and gave a short description for the proposal. That was as much as we were asked. Ours was just spiraling over the years and consolidating loans.

2 No and no you dont have to tell them

3 no

4 no

5 You should always check your contract of employment. gebnerally the only ones affected can be some police or if you work for financial institutions. An ip would advise on this .

6 Yes they can, but when the iva is approved you are protected. as in bankrupcy.

7 They can be set up very quickly average seems to be about 6 weeks but it depends on if you own property and need to get valuations, how quickly you get and send your info to your chosen ip.

Hope that helps others will correct me where wrong but hopefully should be pretty much correct. wait for other answers though.

Have you started the process or are you just looking at your possible solutions.

Ang

Ang is largely correct - but if you have arrears of rent or any staff loans then this would involve your landlords and employers being informed.

Hi Bla, some good questions and thanfully Ang has answered them all [:D]

I would just add, make sure you contact a few IVA companies to get the best advice for you. If you do enter an IVA,you have to be totally comfortable with the company you will be dealing with for the next 5 or sometimes 6 years.

Good luck and keep asking.