I currently have adverse credit and can't get credit 1 company sugguest a IVO should i get 1 or not
2007-09-17 23:59:59 · 5 answers · asked by Reevesy 1 in Business & Finance ➔ Personal Finance
It's an IVA...Individual Voluntary Arrangement.
You need to speak to an expert on this, but basically it is an arrangement whereby your creditors agree to accept a proportion of what you owe them over a period limited to 5 years.
2007-09-18 00:03:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You mean IVA ..
.. it's a way to avoid going bankrupt ..
It's better than being bankrupt BUT you really should see it as 'last resort' ..
I suggest you contact the Companies you owe and tell them you can't afford to pay them and that you may have to go into an IVA unless they stop charging your Interest and are willing to accept a lower rate of payment ..
Most Credit card companies should be willing to be flexible == if you go the IVA route they might only end up with half what you owe .. (if you go bankrupt, they are likely to end up with nothing).
NB> Pay the Mortgage first .. they can take away your house ..
2007-09-18 00:08:52 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
I've never heard of an IVO when it comes to finance. The only IVO I've ever heard of is a software company. Maybe they were trying to sell you something...
2007-09-18 00:06:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
D'you mean an IVA? This might help:http://iva.co.uk/what_is_an_iva.asp
2007-09-18 00:08:52 · answer #4 · answered by champer 7 · 0⤊ 0⤋
http://www.freeivadebtadvice.co.uk/
2007-09-18 02:33:29 · answer #5 · answered by Finance Expert 3 · 0⤊ 0⤋