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Will an IVA stop creditors hassling me? |
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The short answer is yes. Once the IVA is in
place, the creditors can no longer contact you
by law.
However, in order to proceed with an IVA, you will need to stop paying
your creditors first. Once you have stopped
paying them, the creditors will begin the usual
procedure – ‘snotty letters’ will arrive, and
possibly phone calls as well.
If you are dealing with your IVA through a
reputable company like Thomas Charles & Co Ltd,
one of the services we will provide is to
protect you from this kind of mud-slinging by
responding to the creditors on your behalf. This
will enable you to have as much peace of mind as
possible during this potentially stressful time.
However, it is worth mentioning that once your
IVA is in place, if you fail to keep up the
payments for no good reason, your creditors will
be able to take other action against you, which
could result in bankruptcy. Moreover, your home
could still be at risk if not specifically
excluded from your IVA proposals.
Having said that, so long as you make every
effort to do the best you can to make your
monthly payments, and you have a good Insolvency
Practitioner representing you, most problems can
usually be ironed out.
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