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IVA Guide

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IVAs - the positive aspects

  • If any of your creditors vote against the IVA they will still be bound by it as long as 75% of the creditors in terms of the amount owed agree to it.
  • Creditors are likely to recognise that they must accept less than all the money owed.
  • You will not suffer from the same restrictions as those imposed on bankrupts. For example, under an IVA you can still be a company director, serve in the armed forces, retain your professional status and continue trading under a business name.
  • You are still permitted to operate a personal current account, as long as it does not include an overdraft facility.
  • If you look to repay your creditors via an IVA, they will be more confident that they will receive regular payments and thus they tend to be more flexible.

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Last Updated: 11-02-2012