Unemployment and IVA’s

Many people with severe debt problems face the further worry of losing their job. The consequencies of this would be disastrous, meaning that bankruptcy, with all that horrible process entails, would be the only alternative.

That is why many employed persons in financial trouble are looking for IVA advice

An IVA may be possible is a person can show they have a job and a source of income. If there is no job, and no source of income other than state benefits, then there is little chance of of creditors accepting an Individual Voluntary Agreement proposal.

It is far better to enter an IVA whilst in employment, because if a person loses their jiob while in an IVA, through no fault of their own, creditors usually agree for paytments not to be suspended until new employment is found