IVA Advantages

Here's a quick overview of the main advantages of an IVA;

• You will stay in control of your home
• Charges and interest on your unsecured debts will be frozen for the duration of your IVA
• You usually won't have to be pay back the full amount you owe – only what you can reasonably afford over the 5 years
• Your employment status will not normally be affected with an IVA, so you can continue as a company director or hold public office

IVA Disadvantages

Below are 4 of the main disadvantages associated with IVAs;

• You are legally bound by a payment plan lasting up to 5 years
• If you're a homeowner, you may have to release equity for the benefit of your creditors
• Failure to make your agreed repayments could lead to bankruptcy which may result in losing your home, job or both
• Your credit rating will suffer for the duration of our IVA and for around 1 year afterwards

Contact us today to discover more about the pros and cons of IVAs.