2006-08-08 05:38:53 · 7 answers · asked by SUE T 1 in Business & Finance ➔ Personal Finance
you may find it hard as my (and most) iva's tie you down for 5 years and you still pay around 30% of what you were paying.
guess it boils dow to if the company think you're still be around in 5 years - sorry !
Hope you get it sorted out - it helped me out. - good luck
2006-08-08 05:45:13 · answer #1 · answered by Bacardi1 3 · 0⤊ 0⤋
Hi Sue T,
Well it is possible to enter into an Individual Voluntary Arrangement (IVA) if you are of pensionable age however it may not necessarily be the most suitable option for you.
IVA's are essentially a formal alternative to petitioning for your own bankruptcy and are not to be entered into lightly (not that I am assuming you are)
Some helpful resources to assist you firstly:
http://myvesta.org.uk/media/video/bankruptcy/index.html
Also:
http://myvesta.org.uk/media/video/iva/
Can I suggest that you speak with an advisor at Myvesta? (We are a not for profit organisation)
Hope this goes some way to assisting you Sue
Regards
Sean
2006-08-08 17:05:01 · answer #2 · answered by seantyrer123 2 · 0⤊ 0⤋
iva is a interim voluntary arrangement... it is government backed.. it is a arrangement with your creditors to pay back some of what you owe..they cant hassle you at all when set-up and the interest stops... the rest is written off after 4-5 years.... i dont think people on a pension will qualify... ask debt free direct and see......08000439999, good luck
2006-08-08 16:04:18 · answer #3 · answered by paulrb8 7 · 0⤊ 0⤋
Never heard of IVA, what does it stand for?
2006-08-08 12:46:35 · answer #4 · answered by ray56_32223 2 · 0⤊ 0⤋
It depends on the level of pension they get, if it is at least £15,000 a year then yes, otherwise no and bankruptcy will be their only option.
2006-08-08 13:07:05 · answer #5 · answered by nkellingley@btinternet.com 5 · 0⤊ 0⤋
Yes
2006-08-08 12:45:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
What's a IVA?
2006-08-08 12:45:21 · answer #7 · answered by bty937915 4 · 0⤊ 0⤋