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Iva questions
CANARY_JOES
Posts: 16 Forumite
WHAT HAPPENS IF YOUR HAVE AN IVA AND A UNFORSEEN BILL ARISES ?
E.G . NEW GAS BOILER ETC.
DO YOU GET SOME KIND OF IVA HOLIDAy?
E.G . NEW GAS BOILER ETC.
DO YOU GET SOME KIND OF IVA HOLIDAy?
0
Comments
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I think you might need a new keyboard to fix the caps lock
Anyway this might be useful.
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=26_individual_voluntary_arrangementsWHAT IF I CAN'T PAY THE IVA ONCE IT IS AGREED?
If your circumstances change and you are unable to keep up with your payments, your IP can ask the creditors to accept lower payments and agree a 'modified' IVA. The IP may charge you a fee for doing this. If you cannot make any payments or your creditors refuse to accept lower payments, your IVA may fail. If this happens, the IP may allow you to consider other options. The IP is able to petition for your bankruptcy, but this will not happen in all cases.
If your IP decides not to make you bankrupt, then your creditors can take action against you instead. It is very important to agree payment arrangements with each of your creditors separately to stop this happening.
WHAT ARE THE DISADVANTAGES OF AN IVA?
If you do not keep to the terms of the IVA then the IP or your creditors can make you bankrupt.
If creditors do not accept the IVA proposal you are back to square one and your creditors can carry on trying to pursue you for your debts.
If you paid an up-front fee for your IVA and it is not accepted then you will have lost the fee and be in a worse position than when you started.
If you own your house the IP and creditors may make you agree to re-mortgage your home as part of the IVA. If you are unable to do this you may lose your home. See the section: 'What about my home?'.
There is a risk that the IVA is agreed on the basis of monthly payments that you cannot afford long term. You must be very careful that the payments are set at a realistic amount in the first place.
If your circumstances change and you can no longer afford the payments your IVA may end if the IP cannot persuade the creditors to accept a new agreement.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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