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IVAs

An IVA, otherwise known as an individual voluntary agreement is meant to help you pay off your debts and be free of any debts within five years. If you want an IVA then you have to consult an insolvency practitioner who will negotiate with your creditors and set an affordable monthly amount for you to repay. When you pay the agreed amount the practitioner will use that money to make repayments to your creditors. If you take out an IVA then all interest on debts and loans stops automatically. If you do settle for an IVA then you are not supposed to take out any further credit during the time of the agreement.

Although you are able to apply for credit once the IVA is completed, you will probably find it hard to get credit. Unlike debt consolidation, an IVA will adversely affect your credit score and will remain on your file for six years. You can still have a bank account but most insolvency practitioners will suggest that you go for a basic bank account that does not allow you to have an overdraft.
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An IVA is a formal agreement, despite the fact that you enter into it voluntarily and there are some rules that you have to abide by during the course of the agreement. An IVA is binding on both debtor and creditor for the agreed period and no credit during that time is a fundamental principle of an IVA. If you break this condition you have violated the agreement, which is designed to protect both you and your creditors from further debt or non-payment during this period.

An IVA implies that you are saying you want to be free of debt by the end of the five year period. Individual voluntary agreements are very different from debt consolidation programmes or from taking out a loan to pay off your existing debts. When you sign up for an IVA you have promised not to take on any more debt during that five year period.

You should think very carefully before you get involved with an individual voluntary agreement, especially if you are a homeowner. If you own your home then at the end of two years you may be required to release some of the equity in your home in order to help pay off your debts. Unless this is properly explained by an insolvency practitioner at the outset of the agreement, you may not be aware of this caveat. The upside of an IVA is that if your debts are considerable, then at the end of the five year agreement, and providing you have abided by the terms, the rest of your debt will be wiped out.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. ALL LOANS SUBJECT TO STATUS. BY TAKING OUT A CONSOLIDATED LOAN, THE REPAYMENT PERIOD IS USUALLY EXTENDED TO REDUCE THE MONTHLY REPAYMENTS AND THAT CAN INCREASE THE TOTAL COST OF THE LOAN.