The pros and cons of an IVA - Will it really write off your debt?

[@MoneyNerd]

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[@markfinch4458]

Does the IVA company see if you earn overtime be month? Also, is if I do overtime does it automatically get taken from me? Thanks

[@jamesrobinson5752]

I have a iva. I have 2 loans on it should the interest be excluded from my iva

[@MoneyNerd]

Hi James! once an IVA is set up, all interests and additional charges are usually stopped. You may need to contact your Insolvency Practitioner for further clarification. Here's an IVA guide for more information: moneynerd.co.uk/iva-guide/ Hope this helps!

[@rumelahmed4539]

I took out a 25k loan in 2011 and then bought Bitcoin with it. I then stopped paying the loan, got a CCJ and then 6 years later my credit file was restored. Now Im a multi-millionaire.

[@tunjisobowale2878]

Thsnks for sharing this. Do you have any information on bankruptcy?

[@MoneyNerd]

Hi @tunjisobowale2878, we sure do! check it out here: moneynerd.co.uk/bankruptcy/

[@andymeadows2768]

You do not need a tv licence debt if you don’t watch tv

[@lachuks4]

Hi, question: If I am a guarantor but i am under IVA and personal to whom i am guarantor is falling to pay: do i am still liable for debt?

[@MoneyNerd]

Hi @lachuks4! These articles might come in handy if you're trying to figure out guarantor loan debts: www.stepchange.org/debt-info/guarantor-loan-debts.aspx and www.stepchange.org/debt-info/being-a-guarantor.aspx

[@usmanrazaq6239]

Hi, does the IVA stay on a credit file for 6 years from the date it begins? Or for 6 years from the date it ends?

[@MoneyNerd]

Hi Usman! the IVA will stay for six years on your credit file from the start date

[@stephenalderton6300]

Only winners with IVA's are the company providing it. FEES, FEES OH AND FEES

[@CerrieLane]

How do I contact you? Please

[@MoneyNerd]

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