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The Family Consequences Of An IVA

By Clare Shuey

If you are considering an IVA it means that you are thinking over a legally binding contract between you and your creditors. There are many deciding factors when choosing this form of insolvency and you should think each over seriously as well as seeking professional advice based on your individual financial situation. To begin read on to examine how an individual voluntary agreement may affect you and your family:

Decrease financial pressure – An Individual Voluntary Arrangement can relieve some of the pressure of debts almost instantly for both you and your family. It will enable you to remove yourself from the correspondence with debtors as this will be done for you. This means you will no longer have the worry of letters from creditors arriving on your doorstep. With an IVA, you can also enjoy peace of mind as you will be protected from any legal action from creditors too.

Keep family money issues private – Unlike bankruptcy an Individual Voluntary Arrangement is a way to keep your financial stresses private. Unfortunately, bankruptcy can be a somewhat embarrassing financial status and one that many people wish to avoid. When you decide upon an IVA, this will not be published in the local newspaper although it will be registered in the publicly available Insolvency Register.

Bad Credit – a problem with an IVA, like many debt solutions, is that your credit rating will be affected for up to six years. You will, therefore, find it hard to get credit whether this be on a credit card or in any other form.

Depending on your situation this may not be a problem, however, remember that a poor credit rating could affect your family. Credit checks are often needed when taking out services such as telephone, broadband and television and not being allowed access to them can cause considerable inconvenience.

If you enter into an IVA don’t forget the effect it could have on your family

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Topics: Home and Family | Comments Off

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Article Citation
MLA Style Citation:
Shuey, Clare "The Family Consequences Of An IVA." The Family Consequences Of An IVA. 25 Aug. 2010. uberarticles.com. 19 Jun 2017 <http://uberarticles.com/home-and-family/the-family-consequences-of-an-iva/>.

APA Style Citation:
Shuey, C (2010, August 25). The Family Consequences Of An IVA. Retrieved June 19, 2017, from http://uberarticles.com/home-and-family/the-family-consequences-of-an-iva/

Chicago Style Citation:
Shuey, Clare "The Family Consequences Of An IVA" uberarticles.com. http://uberarticles.com/home-and-family/the-family-consequences-of-an-iva/


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