What is the difference between an IVA and non IVA?

4 posts Page 1 of 1
Post Reply
 
 

sharon_j

User avatar
Posts: 1
Joined: Wed Apr 30, 2008 10:14 pm
Location:
Post by sharon_j » Wed Apr 30, 2008 10:15 pm
Quote
In reading things to see how I can sort my debt out I realised that there were certian rules to qaulify for an IVA. In going into some wizzard calculator it was sugested that a non IVA might be better for me. What is the difference between an IVA and a non IVA?
Top
 
 

emma_t

User avatar
Posts: 1833
Joined: Sat Sep 01, 2007 3:32 pm
Location: United Kingdom
Post by emma_t » Wed Apr 30, 2008 10:20 pm
Quote
Hi Sharon

I think you must mean an iva and a debt management plan.

The difference between the two is that an iva is a formal agreement and creditors cannot keep adding intrest and pursuing you for the money you owe. The iva would run for a fixed period, usually 60 month, and any debt left over is written off.
In a debt management plan it is an informal agreement and you pay back the full amount owed over a period of time and hope the creditors freeze the intrest.

It would be worth you taking advice from the cab or cccs or an insolvency practitioner to see what would be best for you.

Good luck
Emma x
Be positive & look after yourself, there are more important things in life than debts....

Best Wishes

Emma x
Top
 
 

emma_t

User avatar
Posts: 1833
Joined: Sat Sep 01, 2007 3:32 pm
Location: United Kingdom
Post by emma_t » Wed Apr 30, 2008 10:21 pm
Quote
Sorry also ment to say that the online 'debt wizards' should only ever be used as a guideline and a starting point x
Be positive & look after yourself, there are more important things in life than debts....

Best Wishes

Emma x
Top
 
 

Soulgrowth

User avatar
Posts: 2446
Joined: Fri Jul 07, 2006 9:38 pm
Location: United Kingdom
Post by Soulgrowth » Wed Apr 30, 2008 10:42 pm
Quote
Hi Sharon ... and welcome to the Forum. I would fully agree with Emma's advice and take some professsional advice from an IP who will explain all the available options to you.

Good luck and keep in touch with the Forum to let us know how you get on.

Debbie
Debbie
Top
Post Reply
4 posts Page 1 of 1
Return to “postings for april”