Author Topic: How an IVA can help us to stop bailiffs?  (Read 1096 times)

Moses007

  • Jr. Member
  • **
  • Posts: 14
How an IVA can help us to stop bailiffs?
« on: Oct 03, 2019, 06:05:16 AM »
Individual Voluntary Arrangement (IVA)

Moses007

  • Jr. Member
  • **
  • Posts: 14
Re: How an IVA can help us to stop bailiffs?
« Reply #1 on: Oct 05, 2019, 06:04:56 AM »

An IVA can be used to stop action from a bailiff. However whether it is the right solution for you will depend on a number of factors. some of them are below:


When is a bailiff used?
Is an IVA the right solution for you?
What can you do in the mean time?



Few more details you need to know about IVA:


1. If 75% of the total number of creditors to whom you owe debts agree to the Individual Voluntary Arrangement (IVA) & As your IVA starts it will also apply to the creditors who have not agreed to it.


2. Until & Unless IVA term gets end your lenders cannot chase you & they have only option to communicate with you through your Insolvency Practitioner only.


3. As you mentioned that your total debt is 50k and if your income does not allow you to repay all your debts then IVA is the best debt help option.


4. With the Help of IVA, you can write off different types of debts. Most of them include the unsecured debts, equity & mortgage loans.


When an IVA comes to an end:



Once you complete your final payment into the IVA your Insolvency practitioner will conduct a final review before issuing an IVA completion certificate as it is an important piece of paper which can take up to 6 months to arrive.


When your IP issues the certificate the Insolvency service is also informed. Then they report to the three credit reference agencies. You will be removed from the insolvency register within three months, in the meantime, your arrangement should be shown there as completed.

justindrew

  • Jr. Member
  • **
  • Posts: 17
Re: How an IVA can help us to stop bailiffs?
« Reply #2 on: Oct 11, 2019, 07:27:16 AM »
IVA is a debt management plan that gives a solution to the ones who are unable to pay off the debts. The borrower will need to show regular income status as they need to pay the repayments for over 5 – 6 years. [/font][/size]The whole process of IVA is set up by an IP that is insolvency practitioner, who will work on the proposal and take creditors' approval. [/font][/size]The creditor nor the bailiffs are not allowed to disturb the individual for payments until the tenure is completed.[/font][/size]

Moses007

  • Jr. Member
  • **
  • Posts: 14
Re: How an IVA can help us to stop bailiffs?
« Reply #3 on: Oct 11, 2019, 12:32:21 PM »
Yes I agree with what ever you mentioned

LindsyHen

  • *
  • Posts: 1
How an IVA can help us to stop bailiffs
« Reply #4 on: Dec 09, 2019, 08:11:14 AM »
I tend to think the state should just not take down the debts, but extend the finger to creditors and just say that people have no obligation to pay them back.