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IVA Debt IVAs usually comprise only unsecured debt e.g. credit cards, loans, etc. leaving the rights of secured creditors largely unchanged.
An IVA is a court sanctioned arrangement with creditors that can be set up provided the individual can afford a minimum of £100 per month. IVAs are usually suitable for those owing more than £15,000, though some companies will set up IVAs for less. If the debt level is below £15,000, it would be very much in the applicant’s best interests to establish whether they qualify for a Debt Relief Order before proceeding with an IVA.
An IVA forum is an informal exchange of ideas, comments and points of view hosted by various companies and generally available after searching ‘IVA Forum’ on the internet. Those thinking of entering into one of these arrangements would do well to read the comments as many of them are negative.
IVAs are ‘sold’ on the premise that part of the debt is written off when entering the arrangement and that there will be ‘one easily manageable monthly payment’, but this is sadly only part of the story.
Consider these points carefully before committing to an IVA:
The IVA or Insolvency Register is a public record of all court-approved insolvency arrangements, including bankruptcy, Individual Voluntary Arrangements (IVAs) and Debt Relief Orders.
People who enter into the protection of bankruptcy can expect to appear on the bankruptcy register for 15 months, whereupon their name is removed. This information is in the public domain – google ‘Insolvency Register’ – which means that anybody can search for people in these court sanctioned debt arrangements, including bankruptcy.