A friend is enquiring about getting an Independant Voluntary Agreement. Im not convincesd its a wise thing to do. Can anyone please help?
2007-01-06 02:59:46 · 3 answers · asked by em9425 1 in Business & Finance ➔ Credit
IVAs are relatively very new and an alternative to bankruptcy which can reduce the risk of long-term bad-credit problems associated with bankruptcy.
On the downside, they are relatively complex to set up as both parties need to agree on the terms of the IVA and the lender may not be willing to agree at a suitable level.
Seek independent financial advice tailored to your exact financial circumstances, but don't rule IVAs out altogether.
2007-01-06 03:03:47 · answer #1 · answered by Sam 2 · 0⤊ 0⤋
If you qualify for an IVA it can only be a good thing to get one. It totally helps you get your life under control. You can't get any new credit while it's in force, but then why would you want to. All I can say is that it transformed my life, got the wolves away from the door, and I wound up having to pay back less than a third of what I owed. When you do a financial statement to work out what you can afford to pay back you really can be realistic about your outgoings. This means that you can allow for entertainment and recreation, even cigarrettes if you smoke. You can't live large but you can live ok and without fear. Go for it
2007-01-06 03:10:10 · answer #2 · answered by nealo d 5 · 0⤊ 0⤋
Generally they are a bad idea! There are many alternatives either on the web or on the High Street. Ask them to go to the CAB before they go into an IVA! Good luck!
2007-01-06 03:11:13 · answer #3 · answered by roy d 3 · 0⤊ 0⤋