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Who
can be helped? |
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An
IVA is only practical for people whose debts exceed £20,000. |
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Will
I lose my house? |
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No,
but if you have assets such as a house with equity in it, or other
assets such as substantial savings, they will be taken into account
when making an offer to your creditors.
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Will
I be able to stay in business? |
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Yes.
There is no limit on your business activities as there would be
should you be made bankrupt.
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I
am a professional person - will it affect my position?
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No,
not at all. People from all walks of life are eligible to enter
into an IVA with their creditors without prejudicing their employment.
In fact it is often the preferred option for many professions, such
as the arm forces, police, the legal profession and people in financial
services, who cannot be made bankrupt and still retain their jobs. |
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Will
it become public knowledge? |
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No.
It is strictly confidential. Only your creditors will be aware of
your position. In fact even your partner need not know, although
we would normally advise you to tell them and so clear the air.
It can be very hard living with a secret. |
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How
long will it last? |
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It
normally lasts five years but in can be longer or shorter in exceptional
circumstances.
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Which
creditors can be included? |
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You
can include most of your creditors including Banks, Finance Companies,
Credit and Charge Card Companies, the Inland Revenue and V.A.T.
You can even include loans from friends or members of your family.
NB. You cannot include your Mortgage, Rent or any Hire Purchase
Agreements.
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