Assets are the things you own, whether that’s a house, car or electronic equipment. Many people, when entering any debt solution, are often concerned about how much they will lose and to which extent their lives will be altered. Read on to find out more about how an IVA might impact on your assets.
It’s important to know that you don’t need to have any particular assets to enter into an IVA, but any assets you do have could help you to pay your debts.
If you choose to enter into an IVA, then you will be able to speak to your Insolvency Practitioner (IP), who will discuss your assets with you and whether or not it’s in both yours and your creditor’s best interests to include them in the arrangement.
During this discusion, you must disclose all of your assets, It is illegal to miss any out.
You will be given the opportunity to decide whether or not to keep some of the assets. Any that you do choose to keep must be specifcally excluded.
It is important to realise that this discussion isn’t just about what’s best for you. Your creditors will need to agree about which assets you should keep, so your IP will help you to achieve the right balance between your interests and your creditors.
To find out more about this, take a look at our IVA page.