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What happens when my IVA ends?

Posted in IVA FAQs on 11th November 2010.

Upon the successful conclusion of your IVA, your creditors won’t be able to pursue you for any outstanding unsecured debt remaining under the IVA. These debts will be classed as settled although your credit rating will still be affected during the IVA and for a further year when it...

What happens if I lose my job during my IVA?

Posted in IVA FAQs on 11th November 2010.

If you lose your job – or your circumstances change – while your IVA is in progress, and it affects your ability to keep up with your payments, the IVA may fail, and you may even end up being declared bankrupt. However, IVAs are designed to offer some flexibility – so if you do experience some...

What happens if my creditors don’t agree?

Posted in IVA FAQs on 11th November 2010.

As explained above, for your IVA to go ahead, voting creditors accounting for at least 75% of your total debt have to agree to the terms in your proposal. However, in some cases, your creditors won’t agree – but if it is looking like this may happen, your creditors may suggest changes to your proposal...

Do 100% of my creditors have to agree before my IVA can go ahead?

Posted in IVA FAQs on 11th November 2010.

No. Although all your creditors will be invited to vote, only voting creditors accounting for at least 75% of your total unsecured debt have to agree to the proposal for the IVA to start. If it is approved by this proportion of your creditors, the IVA will start and all your creditors will be bound by the...

Who actually pays my IVA fees?

Posted in IVA FAQs on 11th November 2010.

When you make your payments, you will make them to your IP (Insolvency Practitioner). This money will be put towards a ‘creditors pot’, and subsequently distributed amongst creditors at set intervals according to how much you owe each of them. This will go on for the length of the agreement (usually five...

How much will I be required to pay each month?

Posted in IVA FAQs on 11th November 2010.

Your payments will be based around what you can actually afford after your essential costs have been covered, but the monthly payment is usually no lower than...

How do I go about entering an IVA?

Posted in IVA FAQs on 11th November 2010.

First of all, you should contact an Insolvency Practitioner (IP) to discuss your financial situation. They will help you explore any options available to you, and if an IVA seems like the best way for you to repay your debts, they will talk you through exactly what would be involved if you entered one. If...

How do I know if an IVA is actually right for me?

Posted in IVA FAQs on 11th November 2010.

In general, an IVA would only be suitable for you if: a) You owe two or more unsecured lenders a total of £15,000 or more, and b) You can’t afford to repay your debt within a reasonable period of time, but c) You can commit to making regular reduced payments for the duration of the agreement. To find out...

What is an Individual Voluntary Arrangement (IVA)?

Posted in IVA FAQs on 13th September 2010.

An Individual Voluntary Arrangement, or IVA, is a formal and legally-binding arrangement which enables you to repay a proportion of your unsecured debts over an agreed period of time (usually five years). At the end of this time, so long as you’ve stuck to the terms, the rest of your unsecured debts...

What do you get with an IVA?

Posted in IVA FAQs on 13th September 2010.

The range of help you get from an IVA (Individual Voluntary Arrangement) doesn’t end as soon as it’s been agreed. You’ll also get ongoing help and support from your IP (Insolvency Practitioner) and Relationship Manager, both of whom are there to make sure everything is running...

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Subject to eligibility and acceptance. Debt write off applies to unsecured debts and only on completion of an IVA, alternative solutions may be offered. Calls are usually free from UK landlines but call charges from mobiles may vary.