Is Hiding Money from IVA Legitimate?

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debtmoney

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Joined: Fri Feb 26, 2021 8:16 am

Post by debtmoney » Fri Feb 26, 2021 8:20 am
Hi, I am new to this community and my discussion here is about the Individual Voluntary Arrangement ( IVA ). What is IVA exactly? IVA is a mutual agreement between creditors and debtors. With this agreement, creditors are liable to pay all of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors. Now the money you owe is it ok to hide from IVR? Hiding money from IVA is not at all legitimate. Whenever you are opting for an IVA, you have to give every detailed information about your income, expenditure, assets, liabilities, and others. In case you are not providing the actual details, or hiding the assets, this will eventually get revealed when the inspection takes place. If they catch you hiding the correct information, then you might lose the assets eventually.
So I hope my theory will give the proper information you need I hoped it will help you understand IVA better.

Foggy

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Post by Foggy » Fri Feb 26, 2021 8:30 am
Thank you for that post debtmoney. I have removed your hidden live link as self promotion is not allowed from forum members.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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