If you have a personal or professional pension that you can benefit from during the proposed life of your IVA, your creditors may agree to exclude it as an asset. If they do not agree, the pension fund could be at risk. Check the terms of your IVA contract and contact us for advice. Be careful if you have a rental agreement that you want to include in your IVA. Check your agreement carefully to see if there is a clause allowing the creditor to terminate the contract if you enter into an IVA and seek advice. Each mail option contains appropriate information and questions, but can be tailored to the circumstances of each case. It is a formal, legally binding agreement on the repayment of personal debt to creditors over a maximum of five years; while preventing legal action. An IVA can work for priority and non-priority debts, but only in England, Wales and Northern Ireland. Scotland has its own version, known as the protected trust deed.
A voluntary agreement with creditors provides flexibility for the debtor. It may include assets that are not normally available in the event of bankruptcy, such.B as the use of third-party funds or income from the debtor`s continuing trade or employment. It gives the debtor more say in how his assets are treated, for example. B creditors may allow the debtor to exclude and retain certain assets such as his home. Finally, the restrictions that apply to a trustee in bankruptcy are avoided. The pros and cons of an IVA compared to other debt solutions are particularly suited to the individual circumstances of a debtor and professional advice should be sought to decide the best option. The proposal is the key document of any voluntary agreement. The proposal must nominate a person as a designated candidate; such a person may be a qualified judicial administrator or any other qualified person and must be prepared to oversee the implementation of the agreement. This brochure shows you how a voluntary individual agreement (IVA) can be used to manage your debt. An Individual Voluntary Agreement (IVA) is a formal and legally binding agreement between you and your creditors to repay your debts over a specified period of time. This means that it is approved by the court and your creditors must comply. An IVA is a private agreement between debtors and creditors.
Since April 6, 2009, bankruptcy has not been advertised in the local newspaper, but only in the London Gazette. The IVA is not advertised. Debtors in an IVA and bankruptcy are publicly listed in the private bankruptcy registry – anyone can consult the insolvency registry, but it is usually used primarily by credit reference agencies that use it to update credit data (an IVA will influence your credit report, but it`s the same as for other debt solutions) , and creditors who use the bankruptcy registry to help them make a decision on whether to lend money to potential clients. Neighbours are unlikely to check the registry, which may worry people if they discover they are on a public registry.