Hiding Money from IVA: Beneficial or Risky?
Individual Voluntary Arrangement or IVA has always been a familiar name to those who have rescued themselves from a huge burden of debts. You can minimize debt tantrums and pay off it with slow and consistent repayment instalments with IVA. You can write off all your unsecured debts for a lifetime through an IVA proposal.
For filing an IVA application, you have to take assistance from an Insolvency Practitioner. The duty of an Insolvency Practitioner is to represent your financial interests and details, to all your creditors. And, you have to introduce your assets, bank details and every finances detail to the Insolvency Practitioner. If you’re thinking about hiding money from IVA and your IP, then you should get to know about the consequences, at least once.
Hiding Money from IVA - Once you agree for an IVA you’re entering into a commitment of repaying the debt with monthly or lump sum IVA instalments. IVA is a consent signed between you and the creditors. You are allowed to make the payment to the Insolvency Practitioner at the end of the month. Don’t worry; you can spend general everyday costs to lead your life normally.
The completion period of an IVA can differ from person to person and the amount of the instalments. But, most of the IVAs, if maintained carefully, then can be cleared off within six years. Once you are done with the final payment, the debt will be written off.
Meanwhile, the appointed Insolvency Practitioner will always be there to keep the track of your financial woes. The practitioner would review if the instalments justify the income and your finances. Additionally, the expert would decide how much you should pay the creditor as your IVA settlement policy.
Now, if you plan to hide money from IVA Insolvency Practitioners, then you are endangering your own financial conditions. The true financial condition of yours can be easily reflected on the pay slips and bank records that you have to hand over to the practitioner. That’s because of deciding the IVA proposal for the creditors and court proceedings.
If you hide anything, then you can easily get caught red-handed. And, you would miss the IVA opportunity, and the next consequences can be bankruptcy. Hiding finances from IVA is nothing less than fraudulent.
