Informal IVA (Debt Restructure)
An Informal IVA binds parties by contract and is seen as a better alternative to an IVA as it has wider scope.
An IVA can be constructed in many ways and therefore one must seek such information from the Insolvency Advisor
An Informal IVA will not be entered in the IVA register which in itself is helpful to various parties who do not want to have their problems publicly aired. This could be further helpful to the self-employed.
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The difference between an IVA and an Informal IVA is that there is more scope as the time scale can be over a longer period thus reducing the monthly contributions, this can be extremely helpful in that if there is an extension then the creditors could receive a bigger dividend than they would normally through a regular IVA.
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The Advisor
Our partners are only too willing to advise you on mortgage products, be it;
re-mortgage or difficulties
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To determine what is best suited to one's needs then all relevant information and concerns would have to be appraised and the Insolvency Practitioner would outline the options available.
This will be dependant on the size of debt and the age of the debt and as to whether any further services being attached, this will be explained by the I.P. once they have an overview of your current financial needs.
An informal IVA would again be normally ratified by an I.P. or solicitor as it will form part of a legally binding agreement.
Why not Post a Question to our Workshop?
Before entering into any agreement you might want to seek independent legal advice.