FinSu IVA
The Eco-Friendly IVA Site
| How will an IVA affect you? |
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Your credit record will be impaired for at least one more year but this may not be a major concern to you if, by then, the availability of credit is no longer important to you. Relatively quickly, however, your credit record will improve and, if necessary, you will be able to point to a successful IVA as an indication of your willingness to face up to your responsibilities, as opposed to taking the option of bankruptcy. There are no public advertisements of your IVA and so it should remain a private matter between you and your creditors. You should be aware, however, that the Department of Trade and Industry maintains a public register of live IVA’s. You should also consider whether you are in a form of employment or a member of a profession that might be adversely affected by you entering in to an IVA. Certain employers and professional bodies may regard an IVA as a matter of concern which may prejudice your position, although these are relatively rare, and normally only apply to occupations that involve a high level of financial trust. The likelihood is that your IP will have advised other clients in similar positions and will be able to explain the implications of an IVA to you. |
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