What are the disadvantages of an IVA?
Legally Binding Agreement - As an IVA is legally binding, should the debtor break any of the terms (such as not keeping up with the repayments), the IVA will fail, and the creditors may petition for bankruptcy. Any money paid into the IVA will be lost.
What exactly does this mean?
Your not saying that ALL your payments will be lost as in not paid to creditors are you?
Surely the payments will still have come off the debt?
Think maybe I am missing something again here?
You have to remember that if you succeed in theory a large part of your debt could be written off at the end unless it looks like you are heading towards paying back 100p in the £ plus interest plus other charges.
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