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Posted: Thu Nov 22, 2007 11:43 pm
by Liz.t
My son is considering an iva.What happens after the 5 years if all the debt is not repaid.Would they have to sell their goods to make up the total. They live in a council house and really have nothing much of value.
Posted: Thu Nov 22, 2007 11:55 pm
by Andrew Graveson
Hi Liz,
After the agreed period of the IVA had succesfully come to an end any remaining debts would be written off and there would be no more liability.
Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk
Posted: Thu Nov 22, 2007 11:55 pm
by MelanieGiles
Hi Liz and welcome to the forum
No - the debts are written off at that point if they have paid over all of their contributions.
I am assuming that they do not own their house?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Posted: Fri Nov 23, 2007 11:56 am
by Oliver
In an IVA your Son would pay back his creditors to the best of his ability for a period of 5 years (60 months) at this point all remaining debt would be written off.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp