www.iva.co.uk

do you have to be a homeowner to use the iva system?

Hi Trina, Welcome to the forum.

In answer to your question, whether you rent or have bought you can still enter into an IVA.

If you are renting your landlord should not be able to find out you have an IVA unless you tell him, although you should check the clauses of your tenancy agreement to ensure nothing stipulates you are not to enter into an IVA while living at that property.

You should be aware however that if you move to another property that requires a credit check during the five years of your IVA you may find it difficult as your credit rating will be affect for 6 years from the date your IVA begins.

You do not need to own a home although many homeowners enter IVAs to protect their property. If you have no property you have less to lose in bankruptcy and often this makes an IVA very attractive to your creditors. Get some free advice from an IP firm and discuss all your options.

Absolutely not Trina, but an IVA is only one debt solution, so do make sure you get full advice about all of the options which may be suitable for you and take your time to select the best one for your future. An insolvency practitioner would be very happy to assist you with this, and all initial advice is provided free of any charge.

Welcome to the forum ... There are several options available to you and taking the advice of two or three companies will allow you the opportunity to ensure your circumstances are looked at in detail ..... Www.iva.com will provide you with some recommended providers