Call us now for free on 08 Apply for an IVA top Therefore if you are a Limited Company Director, a lawyer, an Accountant, a Bank employee, an Independent Financial Adviser, a Prison Officer, a member of the Armed Forces, a Police Officer, a Civil Servant, a Government employee or for that matter any person whose contract prohibits bankruptcy as a debt solution, an IVA is your primary alternative.
Protects Your Income IVAs provide a legal alternative for occupations to which bankruptcy is prohibited.
#FASTFOX PROS AND CONS CODE#
Protects Your ReputationUnlike in a bankruptcy, your IVA is NOT published in the press and, further unlike in bankruptcy, your PAYE tax code remains unchanged during your IVA, which minimises the chances of your employer being made aware of your financial circumstances.
Protects Against Creditor Harassment Once your IVA has been accepted, your creditors must refrain from contacting you directly, instead they must communicate with your Insolvency Practitioner.Protects Against Creditor Fees Once your IVA is in place it blocks creditor from charging you any extra fees, including late payment charges or arrears.Protects Against Interest Creditors lose the right to charge you any interest on your debts once your IVA is place.Protects Against Legal Action Your IVA will be a legally binding agreement, and once in place it will remove the right of any of your creditors to take legal action against you, even if that creditor didn’t vote in favour of your IVA.Protects Your Assets Your IVA will protect your assets, such as equity in your home, by preventing your creditors from forcing you to sell up in order to pay them back.Once creditors agree to this time frame they can't change their minds and ask for further payments. Your IVA will last for a fixed time period, which is normally 5 years. Your creditors can't expect you to pay any more than you can afford.Ĭall us now for free on 08 Apply for an IVA top You will only be required to pay into your IVA what you can actually afford to pay.
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