Would I Have to Face Poverty Whilst Being on an IVA?
People planning to get an IVA often ask that if they have to confront poverty while being on this debt reduction procedure. The reply is that they don’t need to live their life in poverty while being on this procedure. In an IVA proposal it is clearly pointed out that debtor will hold enough amount to carry on with his necessary expenses like food, clothing, home rent, childcare, insurance and billing etc. So there is no case of facing poverty during an IVA. But one point which you need to remember is that your lenders will anticipate to get as much as possible in monthly repayments so you would never be allowed to spend money on buying new car or home during this process.