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Iva Question
MRSTITTLEMOUSE
Posts: 8,547 Forumite
Just out of interest after reading these boards,what is an IVA.I know what it means to go bankrupt,but with an IVA do you also have to sell your house the same as being bankrupt.Is it the same thing just another name.Thanks.
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Comments
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IVAs aren't the same as bankrupcy, you pay a set amount each month which is pro-rated amongst your creditors for 5 years, and the remainder is written off. However, 75% of your creditors (weighted by the amount owed) have to agree to an IVA, and it will obviously be marked on your credit file.
As far as selling property - I don't know for sure, but I think that if there's equity in property you will be expected to release this to your creditors.Total Debt 13th Sept 2006 (exc student loan): £6240.06 :eek:
O/D 1 [strike]£1250 [/strike]O/D 2 [strike]£100[/strike] Next a/c [strike]£313.55[/strike]@ 26.49% Mum [strike]£130[/strike] HSBC [strike]£4446.51[/strike]@15.75%[STRIKE]M&S £580.15@ 4.9%[/STRIKE]
Total Debt 30th April 2008: £0 100% paid off!
PROUD TO [STRIKE]BE DEALING [/STRIKE] HAVE DEALT WITH MY DEBT
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