You should always avoid debts with your bank where you maintain your current account. This is because your bank can help themselves to money owed to them whether you can afford it or not. (more…)
If you are considering an IVA, ask about Fees.
If the IVA company your speaking to just says “don’t worry about that, the creditors pay for the costs” - ask for a straight, numerical answer.
It is true that creditors pay for the costs of an IVA. However, as our charges to the creditors are lower than most other IVA providers, we get IVA’s approved that would otherwise get rejected. Therefore we can help even more people out of debt than most of our competitors.
For more details see our article on Low Fee Iva’s.
Make a Comment
Have you been stung by fees of £7000+ over the course of your IVA?
Have you had to pay an up front fee to get you IVA proposal considered by an Insolvency Practitioner?
Please share your experience by leaving a comment.
If you are you are the benefactor of a will and inherit some money or property while you are in an IVA or while an undischarged Bankrupt, your inheritance may have to be made available to your creditors to repay your debts.
It is an offense not to disclose such information to either your IVA supervisor or Trustee in Bankruptcy.
This is more relevant in the case of an IVA which normally lasts 5 years, which is longer than bankruptcy, normally lasting 12 month.
Consider getting the will changed to the name of someone not currently involved in insolvency procedures or get the money put in trust until such a time your IVA or Bankruptcy will have completed.
Subscribe to Daily Debt Advice
by a Reader
Subscribe to Daily Debt Advice
by email
Our office is open on Wednesdays until 9pm
(not out-of-hours call centre)