2006-12-14 22:54:06 · 12 answers · asked by jon_rags 2 in Politics & Government ➔ Law & Ethics
An IVA = Individual voluntary Arrangement.
http://www.clearstart.org/iva.php?gclid=CJDn-e63lIkCFQJPQgod7yging "this website will give you the info".
2006-12-14 23:06:20 · answer #1 · answered by Avril L 3 · 0⤊ 0⤋
If you're in the UK, there's a Prescriptions and Limitations Act 1973 applicable in Scotland that wipes out a debt 100% after a prescribed amount of time (5 years, I think) - but there are 'catches' which I can't quite remember. You may have to do some research, say, in the HMSO website for the legislation.
I'm sure there's a similar Act for England and Wales, but think it's not 1973.
Sorry I can't be more precise - but go see a lawyer if you can't find anything online.
2006-12-14 23:17:50 · answer #2 · answered by ♥Robin♥ (Scot,UK) 4 · 0⤊ 1⤋
There are many ways that debt can be reduced.
Bankruptcy is one, but debt management is the newest way. The company will take all of your debts, put them into one pot and contact each and every company to arrange that no more interest will be paid on the outstanding monies.
It will then take you five years to pay back this money - you will pay back every penny. During this time and for a further five years, you will be unable to obtain credit in any form.
Good luck and a very merry Christmas
2006-12-14 23:03:21 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Individual Voluntary Arrangement = IVA Many firms of insolvency practitioners are now making a lot of money from it, but a trip to your local Citizens Advice Bureau, local debt counselling service or the CCCS ( try it's website ) will provide advice on how you can do it yourself.
p/s it will stop the boys coming to your door....or legally it should.
2006-12-14 23:12:23 · answer #4 · answered by dawn 3 · 0⤊ 1⤋
Yes Go Bankrupt.
2006-12-14 22:57:47 · answer #5 · answered by ALLAN L 2 · 0⤊ 1⤋
avoid bankruptcy
depends on circumstance but go to a CAB
in many circumstances
debt is put on 'hold' interest free
no bankruptcy involved
and it's very easy
2006-12-14 23:58:45 · answer #6 · answered by farshadowman 3 · 0⤊ 1⤋
Yeah it the G Ullable Acti 1997... ;O)
2006-12-14 23:02:04 · answer #7 · answered by Moosehound 3 · 0⤊ 1⤋
It's the one that should be used for the 3rd World.
2006-12-14 23:10:29 · answer #8 · answered by Knobby Knobville 4 · 0⤊ 1⤋
,Beware ,there are all sorts of catches. One man recently paid back his money, but THEN they said his house had gone up in value and wanted £50,000 extra.Not sure how it works but the man had to pay up or sell the house anyway.
2006-12-14 23:22:38 · answer #9 · answered by David 4 · 0⤊ 2⤋
I reckon it's a con - try building it off bit by bit with ultra-low spending instead.
2006-12-15 04:26:43 · answer #10 · answered by Wise Kai 3 · 0⤊ 1⤋