Hi
Protection from creditor legal action, interest and late payment charges stopped, a clear end date and an affordable monthly payment. Finally if you are a homeowner then you keep control of your property.
Regards
With an IVA you have the knowledge that your remaining debts will be written off at the end of the term and you will have paid back what you can afford. Your creditors won't be able to contact you either/
The downside is that you will have to live within a strict budget for the five years.
If you are thinking of doing this, I recommend that you visit www.iva.com for a list of companies and reviews and give one or two a ring. You will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
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
One big advantage I always see is that your creditors have to make a decision on a day in time as to whether they are going to accept your proposals. With a DMP this is less certain - and some creditors may never accept your offer which can leave you in an uncertain position.
I had no equity in my house, but i wanted to ensure that i could get a mortgage again the future, which then in fact turns out i am treated no different to bankcruptcy, i had to do it again i would go bankcrupt.
Thats not to mean i think badly of iva's it depends on your situation, but if i did it again i would go bankcrup
I understand that you had major problems with your IVA but that is not the case for everyone - I for one am extremely happy in mine and would not change for bankruptcy at all. (personally)
I think there are alot more positives to an IVA than negatives but ultimately it lies with the individual
IVAs are a good thing but certainly not for everyone. No IP should put someone into an IVA based on false advice and information as the IVA may then be doomed to fail which is of benefit to no one. Our initial meetings cover all angles including future credit implications and I am sure this is the industry norm. Debtors must be aware of all the pros and cons before proceeding with the proposal and can then decide if bankruptcy is the better option.
No matter how hard it will be, I wouldn't want to go bankrupt mainly because its there to haunt you. Apparently if asked in the future if you have ever been bankrupt you have to say yes, though its not on file. Where is it stored and why can't you say no if its not on any file?
I would not lie. There must be some way of them finding out that you were bankrupt otherwise they would not ask the question in the first place. It is the same as when you are asked the question for car insurance - have you ever been declined etc.etc, they will find out.
