Avoid these TRAPS if paying your IVA off early
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- Опубликовано: 7 сен 2024
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The information provided in this video is for editorial purposes only and not intended as financial advice. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. You can find out more by contacting MoneyHelper. MoneyNerd is not associated with MoneyHelper, we just think they're great.
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Struggling with your IVA and unsure about your legal options? Get online legal advice from a UK solicitor for just £5, potentially saving you a fortune in the long run. Click the link: justanswer.9pctbx.net/c/2873512/2107196/9320
mostly this is when u owe like 100000 or more. i owed around 6k and im still able to go on holidays and buy things i need
Hiya....I owe about that much in debt, and am being directed to take out an IVA....I'm just not sure! Are they going to take all my money.....how does it work for you.
Dont go for iva, for 6 years you'll b bound and for the next 6years you wont be able to get mortgage @jthomas4538
At 7:00 you said 60 weeks I think u mean 60 months !
Hi @mujeebsiddiqui634, nice catch! Thanks for that. It's 5 years or 60 months.
Can a husband with an Iva take his wife’s half of the house
If you can only payoff the IVA early and not the creditors. Can your debts still be written off earlier than 5 years?
Hi Naty! it's possible to pay off the IVA early, but it will remain on your credit report for six years from the date it was approved. It's best to speak with your insolvency practitioner if you intend to make a lump sum payment, who will then arrange a variation meeting with your creditors. This article from StepChange can shed more light on the matter: www.stepchange.org/debt-info/pay-off-iva-early.aspx Good luck!
Can you save money or build an emergency fund while on an Iva?
Hi Andy! IVAs do allow for a certain degree of flexibility in some cases. Speaking with a debt charity service such as StepChange or Citizens Advice can help you decide if an IVA is the best solution moving forward. Here's an article that can provide more information: www.stepchange.org/debt-info/iva-unexpected-costs.aspx