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Posted: Wed Sep 14, 2011 11:32 pm
by Chelsea.04
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??
Posted: Wed Sep 14, 2011 11:39 pm
by kallis3
Hi and welcome to the forum.
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?
Posted: Thu Sep 15, 2011 1:49 am
by MelanieGiles
Your IP will not have access to your bank account, but they will get your authority to speak with your bank if the bank is a creditor.
Posted: Thu Sep 15, 2011 5:39 pm
by Foggy
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.