2006-11-05 09:40:33 · 7 answers · asked by jackie r 1 in Business & Finance ➔ Credit
An Individual Voluntary Arrangement is suitable for some people and not for others.
It all depends on your individual financial situation.
2006-11-05 23:22:23 · answer #1 · answered by mainwoolly 6 · 0⤊ 0⤋
my mum has an iva, my dad decided to go bankrupt... a year down the line, my mum SO wishes she had gone bankrupt.my dad has now had his bankruptcy written off and his home, car and possesions are all safe. my mum on the other hand missed one payment by a day or two, and now they rae on her back big time! bankruptcy is a bit of a big deal to go through but in my families experience, better off in the long run. and lets face it, if you have enough debt to get an iva, you will never get credit again anyways so going bankrupt wont make that much of a difference. only advantage i think of an iva is that in so many years, the whole lot is written off and you dont end up being blacklisted for so long.... look into both options.
2006-11-08 05:11:56 · answer #2 · answered by Ragdoll_uk_98 2 · 0⤊ 0⤋
Individual Voluntary Arrangements. I was reading about this in the Daily Mail on Saturday and it is strongly advised not to take this course of action. Apparently, it can be a very costly alternative to bankruptcy (can cost in commission up to £6,500.00 with some firms). The Consumer Credit Counselling Service can help clients set up debt management. Interest is frozen on debts and eventually everything will be paid off. Hope this helps.
2006-11-06 04:44:20 · answer #3 · answered by Somer 4 · 1⤊ 0⤋
Nope,sorry
2006-11-07 16:51:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go to CCCS or Citizens Advice Bureau and they will negotiate a revised repayment schedule with your creditors and wont charge you.
2006-11-06 08:59:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
can you tell us what an IVA is?
2006-11-06 01:02:29 · answer #6 · answered by NETTA M 3 · 0⤊ 0⤋
For people who will have more experience with this go to http://www.debtquestions.com/forum
2006-11-07 17:14:25 · answer #7 · answered by Vicky M 2 · 0⤊ 0⤋