was thinking of an iva

davidgmmafan

"yep IVA is equivalent of a (Scottish) Trust Deed for people in England, Wales and Northern Ireland - very similar except it lasts for 5 years instead of just the 3 in Scotland."

Curious that is everything better in Scotland? lol

Would the amount written off be much higher? Or would it simply be that a lower proportion are accepted?

Charco_2

It's not that but the feeling of a Trust Deed is just that it's a bit stricter (more strict / stricter? Is Stricter a word?)

Choo_Choo_4

davidgmmafan wrote: »

"yep IVA is equivalent of a (Scottish) Trust Deed for people in England, Wales and Northern Ireland - very similar except it lasts for 5 years instead of just the 3 in Scotland."

Curious that is everything better in Scotland? lol

Would the amount written off be much higher? Or would it simply be that a lower proportion are accepted?

It does last for 2 years less than the England, Wales, Northern Ireland counterpart but the law in Scotland is different.
You will often find too (depending on which Insolvency Practitioner that you go to) that ANY equity in your property must be addressed ...

i.e. If there is £5k equity then this needs to be brought into the Trust Deed whereas an IVA will not need equity less than £5k to be addressed (and it is usually taken @ 85% LTV)

Also you can do a JOINT IVA but cannot do Joint Trust Deed - married couple both with debts would have to have separate Trust Deeds ...

So whilst on the one hand it may look more leniant on the other it can look more strict. Six of one, half a dozen of the other really ...