- Thursday, 18 June 2009People in serious debt had some of the details of setting up an
IVA explained by monetary guidance provider Finance Spaces recently.
The resource told readers that much of the necessary
IVA information can be drawn up by an insolvency practitioner - including the schedule for paying creditors.
An IVA expert can also determine how much of the debt may be written off when setting up an IVA.
However, individuals need to remain committed to their repayment schedule when setting up an IVA, explained Finance Spaces.
Should they fail to meet the obligations of the
IVA process, they could be forced into the more formalised alternative of declaring bankruptcy.
Finance Spaces has also noted the real rate of interest faced by credit card holders due to the compound nature in which bills are calculated.
This means that interest is charged on the previous month's interest, and so on - meaning a rate of two per cent per month would equate to 26.82 per cent over a year and not the 24 per cent many people might expect.
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