2007-03-21 02:48:14 · 3 answers · asked by keith_eric16 1 in Business & Finance ➔ Personal Finance
can some one explain how an i.v.a. works please?
2007-03-21 02:55:42 · update #1
yes ... they knew u spent ur money on other stuffs ... !
2007-03-21 02:51:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Probably. As I understand it an IVA can be taken out if you have a debt of £15.000 or more. Have a mortgage, are in full time employment. An agreement is arranged between you and the people you owe money to. An X amount is written off by the government. You have to pay the reduced amount within 5 years, and if you default you go into bankruptcy, losing your home etc
This is all arranged by a debt consolidation Co.
2007-03-21 03:11:13 · answer #2 · answered by Gary Crant 7 · 0⤊ 0⤋
Check the exact wording of your finance agreement to be 100% sure, but I've never, ever seen one or heard of one that wouldn't take your car in those circumstances.
2007-03-21 02:54:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋