Do the IVA experts take all loans/debts in your name or that you are paying into the debt amount outstanding or are there some loans they may not include in the total debt outstanding. Also how do they know what debt you have ...do they have access to your bank account or is it up to you to declare the debt??
An IVA will take into account all unsecurd debts your have such as credit card or store cards and unsecured loans.
You should be totally be honest with an IP and declare all debts to them.
Why would you not want to do that?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi. You will have to declare all of your debts, and indeed, your whole financial situation, otherwise a sensible arrangement will be impossible to arrive at.
If, for any reason, you choose to hide a debt this could potentially fail your IVA, bringing you back to square one and potentially losing what you had paid out to the IVA in the meantime.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
