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Answer Upon - IVA vs Bankruptcy - The Facts You Need to Know
Traditionally there have been two groups of people who have always found it very difficult to get access to credit cards. These two groups are listed below:· People with no, or very little income · People with negative credit historiesThese two groups would have found it next to impossible to get approved for credit cards in the past. However, nowadays it is becoming easier and easier to get your hands on a credit card and accordingly, these groups are finding it easier to get access to credit cards.The reasons for this are that the competition in the UK credit card industry has increased dramatically in recent years. As more and more players have entered the market, it is now possible for almost anyone to get a credit card. Many credit card providers from the US have entered the UK credit card industry while at the same time, there are internet and other non traditional providers who are also all fighting for a share of the lucrative UK credit card market. As a result they are willing to lend to more and more people who in the past would have been regarded as simply too much of a credit risk.What this means for students is that while in the past they may not have been able to get their hands on a
How will an IVA affect my savings?
Generally your pension will be protected, and modest contributions can continue to be paid in to it during your IVA. It is possible to exclude assets from your IVA but you will be required to inform your insolvency practitioner of any savings, stocks, shares and other investments you may hold.
What other assets can I keep whilst in an IVA?
All personal possessions and household contents will be protected in the IVA.
How will an IVA affect my work?
An IVA is not Bankruptcy, therefore you are able to continue as a director in a business. Also professional license holders are able to continue practicing. Partnerships can also continue to trade, and because the IVA is a private agreement, your employer will not be informed.
How will an IVA affect my privacy?
The details of your IVA are not published in the press, however they will be held on the IVA register which is a public record.
What other effects will my IVA have?
You will be required to inform your insolvency practitioner of any inheritance or good fortune gains like a lottery win, and these funds will be made available to your IVA fund. Your finances will be subject to an annual review by your insolvency practitioner for the duration of your IVA and adjustments to your IVA payment will continue to be based on affordability.
How long will an IVA last?
An IVA can vary in length from 1 payment to 60 payments, but a standard IVA will last for 5 years.
What debts will an IVA clear
Your IVA will clear only your unsecured debts, e.g. personal loans, credit cards, catalogues and overdrafts. However, an IVA will not clear secured debts, fines and
A well-oiled pay-per-click search engine campaign can land hundreds of highly targeted visitors on practically any website within a matter of days. That isn't new information. Most experienced online business owners already know it.But pay-per-click advertising is also one of the quickest ways to lose money, if it isn't done right. At the surface level, the process appears to be as simple as writing an advertisement, bidding for keywords, and waiting for traffic and sales to come rolling in. Nothing could be further from the truth, especially in the midst of today's heated competition for top keywords.So, for a few minutes, let us play the role of devil's advocate, as we explore some of the common downfalls encountered by hopeful but inexperienced pay-per-click advertisers.1. - Making Advertising Decisions Based on EmotionThe excitement of tapping into a new market, and the much anticipated thrill of watching click counters working overtime, can and often does lead to a hasty decision making process. Add to this a pressing need for a cash infusion, plus a bit of the gambler spirit, and a framework for failure will emerge.2. - Overly Generalized Keyword SelectionKeywords that are too b
This is one of the most important questions facing people with serious debt problem, and to be honest, it can be an extremely difficult question to answer.
In my position as a debt adviser, specialising in IVAs, I believe helping a person understand how their personal circumstances will affect the suitability of each solution, either an IVA or Bankruptcy, remains crucial to helping someone decide on how best they can move forward.
So, here are the facts, in plain English, which you need to know before you can decide which option, be it an IVA or Bankruptcy, is most suitable for your circumstances.
The Personal Bankruptcy Option.
What is bankruptcy?
Well, being bankrupt is: "when a person is declared in law to be unable to pay outstanding debts".
(It is also known as being insolvent.)
What you can expect to happen
After the court has issued a bankruptcy order against you, you will be interviewed by the Official Receiver. If you have any assets, you may also be interviewed by a Trustee in Bankruptcy and your assets will then be sold by the Trustee in Bankruptcy. The money from the sale of your assets will be used to settle your outstanding debts, however, all the costs and fees of the bankruptcy process will be paid out of these funds before the creditors receive any settlement, or dividend payments. If you can afford to make monthly payments to the Official Receiver from your income, you will be expected to make these payments for three years. If the Official Receiver thinks you can afford to make payments, and you refuse to agree, he can obtain a court order to make you do so. The Official Receiver can also make your employer deduct the payments from your salary. The Official Receiver has considerable power, and your failure to cooperate could result in a warrant for your arrest, or public examination in front of a judge. The Official Receiver has the power to reverse any sale of assets where they are deemed to have been sold for less that their true value, and if it is believed the transaction defrauded creditors, there is no time limit as to how far back in time the Official Receiver can go.
What assets will be sold in Bankruptcy?
Any equitable interest with a saleable value which you own, i.e. properties, cars, caravans, properties abroad, time share, luxury goods, stocks, shares, investments and other valuable assets. If you own a part share of an asset, for instance a house, the ownership of your share passes to the Official Receiver. If you cannot arrange for a third party to buy your share of the equity, the Official Receiver can force the repossession and sale of it. If this asset is your home, you will be forced to move out.
Will Bankruptcy clear all my debts?
No. Bankruptcy will not clear any secured debts you may have. Also student loan company debts, fines, council tax arrears and family court orders for maintenance will not be included in a Bankruptcy.
What savings can you keep in Bankruptcy?
Pensions are generally protected in a bankruptcy, but savings, shares, investments and equity in property will lost to the Trustee.
What assets can you keep in Bankruptcy?
The trustee will generally allow you to keep a modest motor vehicle and any tools required for you to earn an income.
What other assets can you keep in Bankruptcy?
The trustee will generally allow you to keep your ordinary household contents, i.e. Tv, stereo, computer, sofa, washing machine, etc.
What about working whilst in Bankruptcy?
You retain the right to earn an income, but the effect Bankruptcy has on your position within a business depends on your occupation. If you hold a professional license, your regulatory body will need to be informed which may result in a suspension of your license. If you are a director of a business you will be required to resign your directorship and if you hold shares in the business they will be sold. If you are in a partnership, your fellow partners will be required to buy out your interest in the business. If you are a sole trader, you can continue to trade, but you will not be able to have any credit agreements with suppliers above ?500. If you are employed, you bankruptcy ought to have no effect on your right to work, however, if your occupation involves handling money and dealing with finances, your future employment will be at the discretion of your employer.
What about your privacy in Bankruptcy?
Because a Bankruptcy is a court process, details of which are in the public domain, your bankruptcy will be published in the press which may appear in a local newspaper.
What else could happen whilst in Bankruptcy?
If you receive an increase in income or inherit money from a deceased relative's estate, or enjoy a windfall like a lottery win, you will be obliged to inform the Official Receiver and make the money available to your Bankruptcy estate.
How long will my Bankruptcy last?
Your Bankruptcy will last for 12 months, after which time you will receive an automatic discharge. However, in cases where it is judged the debts were incurred through irresponsible or excessive spending you could be held bankrupt for a maximum of 15 years.
The IVA option.
What is an IVA?
An IVA is an alternative to bankruptcy. An IVA, or Individual Voluntary Arrangement, is a private, legally binding agreement between you and your creditors. An IVA enables you to offer your creditors a structured repayment program over an agreed time period, which is normally 5 years. The IVA repayments are based on your disposable income (i.e. how much you can actually afford to pay back each month once your essential living expenses have been deducted). The IVA is proposed to your creditors through an insolvency practitioner, who acts on your behalf by seeking a vote of acceptance for the IVA from your creditors. It is necessary to achieve acceptance from 75% of your creditors before the IVA can be considered binding on all of them. Once accepted, an IVA protects you from your creditors taking legal action, and also protects your assets from being seized by your creditors. Any outstanding balances on your debts that still remain at the end of the IVA will be written off by your creditors.
In an IVA, what happens if you own your home?
An IVA protects you from having to sell your home, but you will be required to release available equity from it via a re-mortgage. If you have part ownership of your home, you will only be required to release the proportion of your part of the equity a re-mortgage will allow. The IVA protects you from having to sell the property.
What assets will be sold as part of your IVA?
An IVA allows you to keep all your assets intact, although if you own a valuable asset that is not essential to your livelihood, i.e. a caravan, a second property or an expensive motorcar, you may be required to replace it with a more modest vehicle and give the balance of money to your IVA fund.
How will an IVA affect my savings?
Generally your pension will be protected, and modest contributions can continue to be paid in to it during your IVA. It is possible to exclude assets from your IVA but you will be required to inform your insolvency practitioner of any savings, stocks, shares and other investments you may hold.
What other assets can I keep whilst in an IVA?
All personal possessions and household contents will be protected in the IVA.
How will an IVA affect my work?
An IVA is not Bankruptcy, therefore you are able to continue as a director in a business. Also professional license holders are able to continue practicing. Partnerships can also continue to trade, and because the IVA is a private agreement, your employer will not be informed.
How will an IVA affect my privacy?
The details of your IVA are not published in the press, however they will be held on the IVA register which is a public record.
What other effects will my IVA have?
You will be required to inform your insolvency practitioner of any inheritance or good fortune gains like a lottery win, and these funds will be made available to your IVA fund. Your finances will be subject to an annual review by your insolvency practitioner for the duration of your IVA and adjustments to your IVA payment will continue to be based on affordability.
How long will an IVA last?
An IVA can vary in length from 1 payment to 60 payments, but a standard IVA will last for 5 years.
What debts will an IVA clear
Your IVA will clear only your unsecured debts, e.g. personal loans, credit cards, catalogues and overdrafts. However, an IVA will not clear secured debts, fines and
Navigation within a large web page can be accomplished by specifying bookmarks on the page. These are locations to which you can link. Some HTML editors have tools that make it simple to set a bookmark.Let’s say you have a large page and down in the middle of the page, you have a heading called “Infopreneur”. You want to allow your reader to link directly it. You can do so with some simple HTML code shown in the following example.To set the title “Infopreneur” as a bookmark with HTML:Authors note: The xmp and /xmp tags tell the browser to accept what it between the tags as text and do not execute it as HTML.The HTML “When you do a link to “#Bookmark name”, the browser will shift the page so the heading “Infopreneur” is at the top of the monitor.Bookmarks are also useful for creating links in a table of contents so the reader can link directly to the topic from the table of contents entry without having to
What assets will be sold in Bankruptcy?
Any equitable interest with a saleable value which you own, i.e. properties, cars, caravans, properties abroad, time share, luxury goods, stocks, shares, investments and other valuable assets. If you own a part share of an asset, for instance a house, the ownership of your share passes to the Official Receiver. If you cannot arrange for a third party to buy your share of the equity, the Official Receiver can force the repossession and sale of it. If this asset is your home, you will be forced to move out.
Will Bankruptcy clear all my debts?
No. Bankruptcy will not clear any secured debts you may have. Also student loan company debts, fines, council tax arrears and family court orders for maintenance will not be included in a Bankruptcy.
What savings can you keep in Bankruptcy?
Pensions are generally protected in a bankruptcy, but savings, shares, investments and equity in property will lost to the Trustee.
What assets can you keep in Bankruptcy?
The trustee will generally allow you to keep a modest motor vehicle and any tools required for you to earn an income.
What other assets can you keep in Bankruptcy?
The trustee will generally allow you to keep your ordinary household contents, i.e. Tv, stereo, computer, sofa, washing machine, etc.
What about working whilst in Bankruptcy?
You retain the right to earn an income, but the effect Bankruptcy has on your position within a business depends on your occupation. If you hold a professional license, your regulatory body will need to be informed which may result in a suspension of your license. If you are a director of a business you will be required to resign your directorship and if you hold shares in the business they will be sold. If you are in a partnership, your fellow partners will be required to buy out your interest in the business. If you are a sole trader, you can continue to trade, but you will not be able to have any credit agreements with suppliers above ?500. If you are employed, you bankruptcy ought to have no effect on your right to work, however, if your occupation involves handling money and dealing with finances, your future employment will be at the discretion of your employer.
What about your privacy in Bankruptcy?
Because a Bankruptcy is a court process, details of which are in the public domain, your bankruptcy will be published in the press which may appear in a local newspaper.
What else could happen whilst in Bankruptcy?
If you receive an increase in income or inherit money from a deceased relative's estate, or enjoy a windfall like a lottery win, you will be obliged to inform the Official Receiver and make the money available to your Bankruptcy estate.
How long will my Bankruptcy last?
Your Bankruptcy will last for 12 months, after which time you will receive an automatic discharge. However, in cases where it is judged the debts were incurred through irresponsible or excessive spending you could be held bankrupt for a maximum of 15 years.
The IVA option.
What is an IVA?
An IVA is an alternative to bankruptcy. An IVA, or Individual Voluntary Arrangement, is a private, legally binding agreement between you and your creditors. An IVA enables you to offer your creditors a structured repayment program over an agreed time period, which is normally 5 years. The IVA repayments are based on your disposable income (i.e. how much you can actually afford to pay back each month once your essential living expenses have been deducted). The IVA is proposed to your creditors through an insolvency practitioner, who acts on your behalf by seeking a vote of acceptance for the IVA from your creditors. It is necessary to achieve acceptance from 75% of your creditors before the IVA can be considered binding on all of them. Once accepted, an IVA protects you from your creditors taking legal action, and also protects your assets from being seized by your creditors. Any outstanding balances on your debts that still remain at the end of the IVA will be written off by your creditors.
In an IVA, what happens if you own your home?
An IVA protects you from having to sell your home, but you will be required to release available equity from it via a re-mortgage. If you have part ownership of your home, you will only be required to release the proportion of your part of the equity a re-mortgage will allow. The IVA protects you from having to sell the property.
What assets will be sold as part of your IVA?
An IVA allows you to keep all your assets intact, although if you own a valuable asset that is not essential to your livelihood, i.e. a caravan, a second property or an expensive motorcar, you may be required to replace it with a more modest vehicle and give the balance of money to your IVA fund.
How will an IVA affect my savings?
Generally your pension will be protected, and modest contributions can continue to be paid in to it during your IVA. It is possible to exclude assets from your IVA but you will be required to inform your insolvency practitioner of any savings, stocks, shares and other investments you may hold.
What other assets can I keep whilst in an IVA?
All personal possessions and household contents will be protected in the IVA.
How will an IVA affect my work?
An IVA is not Bankruptcy, therefore you are able to continue as a director in a business. Also professional license holders are able to continue practicing. Partnerships can also continue to trade, and because the IVA is a private agreement, your employer will not be informed.
How will an IVA affect my privacy?
The details of your IVA are not published in the press, however they will be held on the IVA register which is a public record.
What other effects will my IVA have?
You will be required to inform your insolvency practitioner of any inheritance or good fortune gains like a lottery win, and these funds will be made available to your IVA fund. Your finances will be subject to an annual review by your insolvency practitioner for the duration of your IVA and adjustments to your IVA payment will continue to be based on affordability.
How long will an IVA last?
An IVA can vary in length from 1 payment to 60 payments, but a standard IVA will last for 5 years.
What debts will an IVA clear
Your IVA will clear only your unsecured debts, e.g. personal loans, credit cards, catalogues and overdrafts. However, an IVA will not clear secured debts, fines and
1. Think of ways to get your site or business on the the news. You could sponsor a fundraiser, break a world record, hold a major event, etc.2. Hold a contest on your web site. Give other web sites the option of offering it to their visitors. This'll multiply your advertising all over the internet.3. Tell your potential customers that your ordering system is highly secure. Also, reassure them that you take every effort to protect them.4. Carry business cards with you wherever you go. Have your web address printed on them. You can hand them out to anyone you meet.5. Contact national radio stations to ask them if they are looking for guest speakers. Tell them your area of expertise; maybe they'll book you for a show.6. Join clubs related to your area of business. You could trade leads with other businesses. Learn new ways to run your business and sell your products.7. Think of a domain name for your web site that's easy to remember. If you can't find a good one left, use your actual birth name.8. Position your web site at the top of pay-per-click search engines. You will only pay your set amount for each clickthrough you get to your web site.9. Allow your visito
What about working whilst in Bankruptcy?
You retain the right to earn an income, but the effect Bankruptcy has on your position within a business depends on your occupation. If you hold a professional license, your regulatory body will need to be informed which may result in a suspension of your license. If you are a director of a business you will be required to resign your directorship and if you hold shares in the business they will be sold. If you are in a partnership, your fellow partners will be required to buy out your interest in the business. If you are a sole trader, you can continue to trade, but you will not be able to have any credit agreements with suppliers above ?500. If you are employed, you bankruptcy ought to have no effect on your right to work, however, if your occupation involves handling money and dealing with finances, your future employment will be at the discretion of your employer.
What about your privacy in Bankruptcy?
Because a Bankruptcy is a court process, details of which are in the public domain, your bankruptcy will be published in the press which may appear in a local newspaper.
What else could happen whilst in Bankruptcy?
If you receive an increase in income or inherit money from a deceased relative's estate, or enjoy a windfall like a lottery win, you will be obliged to inform the Official Receiver and make the money available to your Bankruptcy estate.
How long will my Bankruptcy last?
Your Bankruptcy will last for 12 months, after which time you will receive an automatic discharge. However, in cases where it is judged the debts were incurred through irresponsible or excessive spending you could be held bankrupt for a maximum of 15 years.
The IVA option.
What is an IVA?
An IVA is an alternative to bankruptcy. An IVA, or Individual Voluntary Arrangement, is a private, legally binding agreement between you and your creditors. An IVA enables you to offer your creditors a structured repayment program over an agreed time period, which is normally 5 years. The IVA repayments are based on your disposable income (i.e. how much you can actually afford to pay back each month once your essential living expenses have been deducted). The IVA is proposed to your creditors through an insolvency practitioner, who acts on your behalf by seeking a vote of acceptance for the IVA from your creditors. It is necessary to achieve acceptance from 75% of your creditors before the IVA can be considered binding on all of them. Once accepted, an IVA protects you from your creditors taking legal action, and also protects your assets from being seized by your creditors. Any outstanding balances on your debts that still remain at the end of the IVA will be written off by your creditors.
In an IVA, what happens if you own your home?
An IVA protects you from having to sell your home, but you will be required to release available equity from it via a re-mortgage. If you have part ownership of your home, you will only be required to release the proportion of your part of the equity a re-mortgage will allow. The IVA protects you from having to sell the property.
What assets will be sold as part of your IVA?
An IVA allows you to keep all your assets intact, although if you own a valuable asset that is not essential to your livelihood, i.e. a caravan, a second property or an expensive motorcar, you may be required to replace it with a more modest vehicle and give the balance of money to your IVA fund.
How will an IVA affect my savings?
Generally your pension will be protected, and modest contributions can continue to be paid in to it during your IVA. It is possible to exclude assets from your IVA but you will be required to inform your insolvency practitioner of any savings, stocks, shares and other investments you may hold.
What other assets can I keep whilst in an IVA?
All personal possessions and household contents will be protected in the IVA.
How will an IVA affect my work?
An IVA is not Bankruptcy, therefore you are able to continue as a director in a business. Also professional license holders are able to continue practicing. Partnerships can also continue to trade, and because the IVA is a private agreement, your employer will not be informed.
How will an IVA affect my privacy?
The details of your IVA are not published in the press, however they will be held on the IVA register which is a public record.
What other effects will my IVA have?
You will be required to inform your insolvency practitioner of any inheritance or good fortune gains like a lottery win, and these funds will be made available to your IVA fund. Your finances will be subject to an annual review by your insolvency practitioner for the duration of your IVA and adjustments to your IVA payment will continue to be based on affordability.
How long will an IVA last?
An IVA can vary in length from 1 payment to 60 payments, but a standard IVA will last for 5 years.
What debts will an IVA clear
Your IVA will clear only your unsecured debts, e.g. personal loans, credit cards, catalogues and overdrafts. However, an IVA will not clear secured debts, fines and
The interview follow up letter can make or break your chances of becoming hired. For that reason it should become an essential part of your job hunting tool box, right in there with the other tools you use: resume, cover letter, thank you note, reference sheet and salary history.Think of the letter as a second chance. Some people don’t interview in person as well as they can write. Living up to the standards your resume set for you may be difficult. If that is the case, then the interview follow up letter will improve your appearance after the fact. Other people interview well in person, and are able to use this letter to reemphasize key points discussed with the hiring manager, and remind the hiring manager of the good points about the applicant. In either case the interview follow up letter is essential and if prepared properly will help the applicant get the job.The following sample interview follow up letter gives an idea of what should be included.The time I spent interviewing with you today gave me a clear picture of your organization’s operation as well as your work environment. I want to thank you for the thorough picture you painted of your organizational needs.I left our meeting feeling
What is an IVA?
An IVA is an alternative to bankruptcy. An IVA, or Individual Voluntary Arrangement, is a private, legally binding agreement between you and your creditors. An IVA enables you to offer your creditors a structured repayment program over an agreed time period, which is normally 5 years. The IVA repayments are based on your disposable income (i.e. how much you can actually afford to pay back each month once your essential living expenses have been deducted). The IVA is proposed to your creditors through an insolvency practitioner, who acts on your behalf by seeking a vote of acceptance for the IVA from your creditors. It is necessary to achieve acceptance from 75% of your creditors before the IVA can be considered binding on all of them. Once accepted, an IVA protects you from your creditors taking legal action, and also protects your assets from being seized by your creditors. Any outstanding balances on your debts that still remain at the end of the IVA will be written off by your creditors.
In an IVA, what happens if you own your home?
An IVA protects you from having to sell your home, but you will be required to release available equity from it via a re-mortgage. If you have part ownership of your home, you will only be required to release the proportion of your part of the equity a re-mortgage will allow. The IVA protects you from having to sell the property.
What assets will be sold as part of your IVA?
An IVA allows you to keep all your assets intact, although if you own a valuable asset that is not essential to your livelihood, i.e. a caravan, a second property or an expensive motorcar, you may be required to replace it with a more modest vehicle and give the balance of money to your IVA fund.
How will an IVA affect my savings?
Generally your pension will be protected, and modest contributions can continue to be paid in to it during your IVA. It is possible to exclude assets from your IVA but you will be required to inform your insolvency practitioner of any savings, stocks, shares and other investments you may hold.
What other assets can I keep whilst in an IVA?
All personal possessions and household contents will be protected in the IVA.
How will an IVA affect my work?
An IVA is not Bankruptcy, therefore you are able to continue as a director in a business. Also professional license holders are able to continue practicing. Partnerships can also continue to trade, and because the IVA is a private agreement, your employer will not be informed.
How will an IVA affect my privacy?
The details of your IVA are not published in the press, however they will be held on the IVA register which is a public record.
What other effects will my IVA have?
You will be required to inform your insolvency practitioner of any inheritance or good fortune gains like a lottery win, and these funds will be made available to your IVA fund. Your finances will be subject to an annual review by your insolvency practitioner for the duration of your IVA and adjustments to your IVA payment will continue to be based on affordability.
How long will an IVA last?
An IVA can vary in length from 1 payment to 60 payments, but a standard IVA will last for 5 years.
What debts will an IVA clear
Your IVA will clear only your unsecured debts, e.g. personal loans, credit cards, catalogues and overdrafts. However, an IVA will not clear secured debts, fines and
Information and identity theft are two growing concerns in the world today. Paper shredders and file shredders can prevent the terrible losses that can occur when valuable information pertaining to a person or a business is stolen. Shredders destroy sensitive documents that contain private information that could cause trouble if obtained by the wrong people. Some of the sensitive information often found on paper items includes birth dates, social security numbers, bank account numbers, and business plans or other finance-related items.Identity theft can have dire consequences. If a thief obtains someone’s social security number and birth date, he or she can then find out all kinds of financial information about the person and can use the person’s bank account. If this happens, the thief can spend all of the victim’s money, and the victim may or may not have a way of recovering the money. Identity thieves can ruin their victim’s credit by using the stolen credit cards to run up huge debts.Corporate espionage is another serious problem involving information theft. More often than one might believe, employees steal secret business documents and sell them to competing companies. If thieves steal a business’ finan
How will an IVA affect my savings?
Generally your pension will be protected, and modest contributions can continue to be paid in to it during your IVA. It is possible to exclude assets from your IVA but you will be required to inform your insolvency practitioner of any savings, stocks, shares and other investments you may hold.
What other assets can I keep whilst in an IVA?
All personal possessions and household contents will be protected in the IVA.
How will an IVA affect my work?
An IVA is not Bankruptcy, therefore you are able to continue as a director in a business. Also professional license holders are able to continue practicing. Partnerships can also continue to trade, and because the IVA is a private agreement, your employer will not be informed.
How will an IVA affect my privacy?
The details of your IVA are not published in the press, however they will be held on the IVA register which is a public record.
What other effects will my IVA have?
You will be required to inform your insolvency practitioner of any inheritance or good fortune gains like a lottery win, and these funds will be made available to your IVA fund. Your finances will be subject to an annual review by your insolvency practitioner for the duration of your IVA and adjustments to your IVA payment will continue to be based on affordability.
How long will an IVA last?
An IVA can vary in length from 1 payment to 60 payments, but a standard IVA will last for 5 years.
What debts will an IVA clear
Your IVA will clear only your unsecured debts, e.g. personal loans, credit cards, catalogues and overdrafts. However, an IVA will not clear secured debts, fines and family court orders for maintenance.
What happens after my IVA finishes
You will be debt free. You will receive a certificate of completion from your insolvency practitioner, and you should inform the relevant credit reference agencies, e.g. Experian or Equifax, of the successful completion of your IVA for them to update your credit file.
As you can now see, the IVA is a real alternative to Bankruptcy.
An IVA is not an easy solution, and neither is it always a 'better' solution, but if you are in any doubt which option you ought to be pursuing, take the time to do your homework. There are specialist companies available that dedicate their services to helping you make this decision.
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