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Posted: Wed Apr 30, 2008 10:15 pm
by sharon_j
In reading things to see how I can sort my debt out I realised that there were certian rules to qaulify for an IVA. In going into some wizzard calculator it was sugested that a non IVA might be better for me. What is the difference between an IVA and a non IVA?
Posted: Wed Apr 30, 2008 10:20 pm
by emma_t
Hi Sharon
I think you must mean an iva and a debt management plan.
The difference between the two is that an iva is a formal agreement and creditors cannot keep adding intrest and pursuing you for the money you owe. The iva would run for a fixed period, usually 60 month, and any debt left over is written off.
In a debt management plan it is an informal agreement and you pay back the full amount owed over a period of time and hope the creditors freeze the intrest.
It would be worth you taking advice from the cab or cccs or an insolvency practitioner to see what would be best for you.
Good luck
Emma x
Posted: Wed Apr 30, 2008 10:21 pm
by emma_t
Sorry also ment to say that the online 'debt wizards' should only ever be used as a guideline and a starting point x
Posted: Wed Apr 30, 2008 10:42 pm
by Soulgrowth
Hi Sharon ... and welcome to the Forum. I would fully agree with Emma's advice and take some professsional advice from an IP who will explain all the available options to you.
Good luck and keep in touch with the Forum to let us know how you get on.
Debbie