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Who will know that I have entered into an IVA, is it publically advertised? |
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An IVA will not be publically advertised in your local newspaper, unlike bankruptcy. Your employer will not know either unless you choose to tell them.
However, like bankruptcy, your details will be recorded in the Public Insolvency Register which can be accessed online. |
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You will be required to make a monthly payment over a 60 month period and after that whatever debt is left will be totally cleared, leaving you 100% debt free.
An IVA is available for individuals, sole traders and partners who are struggling with their debts. An IVA is particularly used by individuals who own their own property and want to avoid the possibility of losing it through bankruptcy .
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Once you have decided that an IVA is right for you, a debt advisor will review your financial status and work out how much you will be able to offer your creditors (this amount will be tailored to your personal circumstances).
If the debt advisor agrees that an IVA is right for you, a statement of affairs will be drafted (income, expenditure and your debts) to be passed to an Insolvency Practitioner.
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An IVA can be tailored to your financial circumstances, your payments in an IVA will all depend on how much debt you currently owe and how much you can afford to pay back monthly.
A debt advisor will review your finances and work out a monthly repayment that is fair to both you and your creditors.
Your employment will not be affected by and IVA and you do not have to be a homeowner for an IVA to be accepted.
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An IVA will enable you to reduce your debts to one affordable monthly sum (based on your budget) which is usually fixed over a 60 month period.
Monthly repayments can be as little as £100 per month, and after you have completed the IVA, whatever debt is remaining will be cleared, which could be up to 75%, leaving you debt free.
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