i would like to know the pros and cons

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ann.28

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Post by ann.28 » Sat May 15, 2010 7:05 pm
Hi i am thinking of going down thw iva route. however everyone seems to be selling them to you rather than telling you everythig about them. i would like to know the pros and cons and a good company that will deal in my interest.Also how long after you have finished paying the iva does it still appear on your record? is there anything else i can do?
 
 

kallis3

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Post by kallis3 » Sat May 15, 2010 7:12 pm
Hello Ann and welcome to the forum.

An IVA is an excellent thing to address your debts, I am certainly glad that I chose that route.

However, it is not for everyone and a discussion with a professional will tell you whether or not you are suitable.

On the plus side, it will clear a lot of your debts for you, interest and charges will stop and your creditors won't hassle you. They usually last 5/6 years.

On the downside, you may be required to try and release equity from your property if you own your own house, your credit record will be shot for six years from the date of the IVA and your name will be on the Insolvency Register for the term of the IVA.

Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all of the options open to you.
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
 
 

Julie

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Post by Julie » Sun May 16, 2010 9:38 am
Hi Ann and welcome to the forum,

I agree with Jan's comments - an IVA is a way of repaying what you can afford to your creditors.

Good luck xx
 
 

MelanieGiles

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Post by MelanieGiles » Sun May 16, 2010 2:56 pm
And it is really important that you get good balanced advice from an insolvency practitioner about how an IVA works, alongside the other debt solutons which are available. I would steer clear from anyone who appears to be trying to sell you something to be frank.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Sun May 16, 2010 11:06 pm
Couldn't agree more Mel. Take free advice and then make a decision as to which is the best option for you.
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
 
 

Adam Davies

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Post by Adam Davies » Sun May 16, 2010 11:11 pm
Hi
It is important that all options are discussed and explained. These will be bankruptcy, IVA, Debt Management Plan or a DRO. There are times when none of the above will be suitable and debt consolidation, restructuring, or a remortgage are a better option.
Regards
Andam Davies
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