What are the pros and cons of getting an IVA?

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What Are The Pros and Cons Of Getting An IVA?

An IVA has many Advantages and also many Disadvantages, but depending on your situation may be the best course of action..

The Advantages of an IVA

Once you have satisfied the terms of the IVA, your creditors will not be allowed to claim anything more from you other than what is stated in the agreement.

Your creditors will not be allowed to add any additional charges/interest to your accounts which are covered by the IVA agreement, once the IVA is set up.

At the commencement of the IVA you can come to mutually beneficial terms with your creditors on how you are going to settle your debt.

The IVA can be repaid in monthly instalments, or at once by a lump sum, this is all according to your financial status.

Once the IVA is effective, creditors cannot go for legal action, undertaking an IVA has a protection between you and your creditors barring even publicity in the local media.

Regardless of your circumstances, the IVA will not harm your job or reputation.

You are still allowed to change an existing mortgage or take another while you are in IVA.

The Disadvantages of an IVA

If you have any equity in your property or in any valuable assets such as cars, jewellery or any other asset of significant worth. As part of the IVA agreement you will have release a some or the whole amount of this, depending on your agreement.

You will only be allowed to take an IVA if your total debt is more than £15,000 pounds, and if you are able to afford a monthly payment of at least £200.

While you are in the IVA, you cannot use your store or your credit cards. These must be destroyed.

IVA Mortgages Frequently Asked Questions

What occurs to my assets in an IVA?	Who can start an IVA?
The pros and cons of an IVA?	How does an IVA Work?
How much will I pay a month ?	What happens at the end of the IVA?
Having problems during the IVA?	Is an IVA better than declaring bankruptcy?
I have debts,what options do I have?	What if I can not pay my repayment ?

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"Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage "

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