Avoid these TRAPS if paying your IVA off early

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People facing debt: Could you write off some debt? Get started here: moneynerd.co.uk/get-debt-opti...
Read more here - moneynerd.co.uk/iva/pay-my-iv...
The information provided in this video is for editorial purposes only and not intended as financial advice. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. You can find out more by contacting MoneyHelper. MoneyNerd is not associated with MoneyHelper, we just think they're great.
MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. MoneyNerd Limited is an Introducer Appointed Representative of Pacific Financial Solutions Ltd who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 688034) and is classed as a debt counselling firm. Their in house IPs are Jason Bowen who is authorised to Act in the UK by the Institute of Chartered Accountants of Scotland (ICAS). Licence no. 22150 and Laura Stewart who is authorised to Act as in the UK by the Insolvency Practitioners Association (IPA). Licence no. 23590.

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Опубликовано:

9 апр 2023

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Комментарии : 11

@MoneyNerd 10 месяцев назад

If you need legal advice about your debt, here's the link to the trial for the online solicitor: justanswer.9pctbx.net/c/2873512/1147978/9320?sharedid=youtube-debt

@Vict0reeaH 4 месяца назад

mostly this is when u owe like 100000 or more. i owed around 6k and im still able to go on holidays and buy things i need

@jthomas4538 3 месяца назад

Hiya....I owe about that much in debt, and am being directed to take out an IVA....I'm just not sure! Are they going to take all my money.....how does it work for you.

@amarasheikh5921 5 дней назад

Dont go for iva, for 6 years you'll b bound and for the next 6years you wont be able to get mortgage @jthomas4538

@mujeebsiddiqui634 9 месяцев назад

At 7:00 you said 60 weeks I think u mean 60 months !

@MoneyNerd 8 месяцев назад

Hi @mujeebsiddiqui634, nice catch! Thanks for that. It's 5 years or 60 months.

@cherylparkinson6136 3 месяца назад

Can a husband with an Iva take his wife’s half of the house

@andyv123 5 месяцев назад

Can you save money or build an emergency fund while on an Iva?

@MoneyNerd 5 месяцев назад

Hi Andy! IVAs do allow for a certain degree of flexibility in some cases. Speaking with a debt charity service such as StepChange or Citizens Advice can help you decide if an IVA is the best solution moving forward. Here's an article that can provide more information: www.stepchange.org/debt-info/iva-unexpected-costs.aspx

@natyand923 5 месяцев назад

If you can only payoff the IVA early and not the creditors. Can your debts still be written off earlier than 5 years?

@MoneyNerd 5 месяцев назад

Hi Naty! it's possible to pay off the IVA early, but it will remain on your credit report for six years from the date it was approved. It's best to speak with your insolvency practitioner if you intend to make a lump sum payment, who will then arrange a variation meeting with your creditors. This article from StepChange can shed more light on the matter: www.stepchange.org/debt-info/pay-off-iva-early.aspx Good luck!