As a general rule, bankruptcy becomes automatic after one year or less if the liquidator is eligible for early release. An income payment contract or bankruptcy contract (if one of them is applied, depending on the disposable income of individuals) does not last more than three years and payments are generally much lower than those of an income-related IVA. The counsellor does not need to be a judicial administrator, whereas this is often the case. The advisor should inform the debtor of all available solutions, which generally include priority debt management, re-library, debt consolidation in a credit, debt management, bankruptcy, debt cancellation and IVA. The advisor should consider all the debtor`s circumstances, what he owns, what he owes, and his revenues and budgetary expenses to advise on the best solution. The advisor may charge a fee for the debt advice, but most IVA providers offer advice at no prior cost. Non-profit debt advisory services include the Citizens Advice Bureau, StepChange Debt Charity and Christians Against Poverty, which can propose debt management measures that do not involve IVA. Be careful if you have a rental agreement that you want to include in your IVA. Check your agreement carefully to see if there is a clause allowing the creditor to terminate the contract if you enter into an IVA and seek advice. If you are unsure of the debts you may include in your IVA, contact us for your advice.
If you have a personal or professional pension that you can benefit from during the proposed life of your IVA, your creditors may agree to exclude it as an asset. If they do not agree, the pension fund could be at risk. Check the terms of your IVA contract and contact us for advice. Always check the fees charged per ip before signing an agreement or starting the process of creating an IVA. You should check what the fees cover and whether IP taxes are paid in advance. You must negotiate separately with all your creditors. You may also have lost money in fees and costs for the IVA app. Think carefully before deciding what to do next. It may not be a good idea to ask for a new IVA, unless your circumstances have changed and you can improve the proposal you made earlier. Contact us for advice. Your Judicial Administrator develops what you can afford and how long the IVA will last.