Your home may be repossessed if you do not keep up repayments on your mortgage.
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How much do you pay under an IVA?
How much do you pay under an IVA?
The IVA premium is based on a number of factors such as monthly disposable income, size of debt and creditor requirements. The repayment amount ultimately has to be agreed by you. Once the final payment is made, any outstanding debt is legally written off. The arrangement can write off up to 75% of your debts. An Individual voluntary agreement (IVA) usually lasts for a period of 5 years. During this time any interest and debt charges will be frozen and creditors are not allowed to demand additional payments.| Previous : How Does an IVA work? | Next : What happens after the IVA? |
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