bENEFITS and dISADVANTAGES of iva’S
The advantages of an IVA is that it lasts for a fixed period, usually no more than five years, at the end of which any outstanding debt that is included in the scheme will be written off.All claims for payment by mail or telephone will stop your creditors are legally unable to contact you while the IVA is agreed.No additional charges for late payment or interest can be added to all accounts that are subject to IVA.You only pay a single payment each month, agreed with your creditors in the early instance.
Some disadvantages of an IVA is if you are a homeowner and there is equity in your property (or if you have other assets of substantial value) may IVA agreement requires you to release some or all of it, after 3 years in favor of creditors.You will not be able to use credit cards or store cards while you are in an IVA. You will not be able to borrow more money to the IVA comes to an end, but you may be able to change an existing mortgage or take out a new one.Speak to someone and obtain free iva debt advice.