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IVA Facts

IVA Facts

When searching for IVA facts it is crucial that you ask the right people.

Unfortunately the facts surrounding IVAs are often exaggerated in an attempt to make IVAs more appealing, the fact is though in the correct circumstances the IVA is appealing enough anyway.

At My IVA Adviser we would much prefer to outline the IVA facts for you and allow you to make your own mind up.

So here are 12 Key facts about IVAs

  1. IVA’s have a fixed term, which is normally 5 years.
  2. IVA’s will legally write off any outstanding debt when the IVA finishes.
  3. An IVA’s monthly repayments are set at an affordable amount prior to the IVA starting.
  4. Only unsecured debts can be included in an IVA
  5. Only total debts in excess of £12,000 will be high enough to qualify for an IVA.
  6. Only cases with 2 or more individual creditors will be considered by creditors.
  7. Creditors are legally bound by the IVA from taking legal action against you.
  8. An IVA is an alternative option to bankruptcy.
  9. IVA’s are private agreements and are not published in the press.
  10. Only an Insolvency practitioner can administer an IVA.
  11. An IVA must include all a debtor’s unsecured debts .
  12. An IVA will save a valuable asset, such as your house, from having to be sold

We have written an article called “How Do I Find The Right IVA Company For Me”, highlighting points to look out for when choosing an IVA company to give you the IVA facts.

If you would like to speak to one of our IVA specialist about IVA facts please call 0800 088 7503 or fill in one of our quick contact forms and we will call you back at a time convenient to you.

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