IVA Advice – Stay secure and free from debts

IVA advice on debts that can be considered as IVAs

Below is that you should know:

Generally, debts that are unsecured can be considered as IVAs. However, some of the most common debts that are put into IVAs include:

1.       Payday loans like Wonga, Satsuma, Drafty, Lending Stream, etc.

2.       Credit card debts like Virgin, HSBC, Capital One, Barclaycard, Natwest, etc.

3.       Unsecured loans

4.       Overdraft debts with your existing bank account or your previous account.

5.       Council tax debts

6.       HMRC debts

When you decide to apply for IVAs, you need to include all your unsecured debts. You do not pick and choose what is added.

Some debts that cannot be included in IVAs

1.       Mortgage arrears

2.       Secured loan debts

3.       Rent arrears. Unless landlords agree to IVA proposals.

4.       Hire purchase debts

5.       Guarantor loan debts

IVAs can be specifically beneficial to experts like solicitors or accountants who cannot continue working when they file bankruptcy. An IVA acts as the final way to make complete repayments to creditors. This is done as a part of managing debts. When you decide to apply for IVAs, it is most important to your creditors, especially if you have been given statutory demands or bankruptcy petitions. So in most instances, proposals made are agreed upon.  

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