Hello, I am trying to find out some information for my father, who is struggling with debt of 20K +, how long does it take for the IVA to be completely set up, as he has just lost his job and won't be able to make his repayments next month, also what are the rules wrt assets as he has a car on finance but wants to keep making the repayments so he does't lose his car??
If your father is unemployed still then he probably wouldn't be eligible for an IVA, but there are other solutions out there.
I would get him to speak to an expert. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and he will receive free and impartial advice as to all the options open to him.
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