what to look out for

[c11]

i got intouch with debt specialist they have sugested for me to do an iva what are the bad things on iva

[MelanieGiles]

Hi c11 and welcome to the forum

The disadvantages of doing an IVA may be summarised as follows:-

1 You will be unable to obtain credit for the duration of the IVA (this may be an advantage depending on how you feel)

2 You may have to raise equity against the value of your property at the end of the arrangement.

3 The IVA will stay registered on your credit file for 6 years from the date of acceptance.

There are many many more advantages of the procedure as well, so do make sure that your receive propoer advice, about IVAs and the other options that are also available to you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Good morning,

There are always going to be disadvantages, or Cons, involved with any debt solution, and the IVA is no different. However, the disadvantages are few and, in most cases, do not effect the balance enough to make the IV less attractive.

There are few disadvantages of reducing your debt through an IVA. These include:

Usually only suitable if the debtor has unsecured debts of at least £16000

All IVAs are recorded in a public register and will almost automatically appear on your credit file. This could affect any future applications for credit

Should the IVA fail, the debtor can still be made bankrupt. If this happens, the costs of the IVA will be added to the debts.

The insolvency practitioner will closely supervise the debtor.

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[Adam Davies]

Hi
A tight budget to live on for five years.You must make sure that you leave yourself a reasonable amount to live on otherwise you will find the five years unbearably tough.
Good Luck

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp