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IVA/Bankruptcy
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Ah, but IVAs do usually succeed in reducing what you owe by a large proportion, they don't have anywhere near the negative effect on your credit rating that bankruptcy does and, if you keep up the payments, no creditor can chase you during the IVA and none has a claim on you after the IVA. Also, providing you keep up with the mortgage, you can keep your house in an IVA. In bankruptcy you lose it.0
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