IVA FAQ

The most Frequently Asked Questions regarding Individual Voluntary Arrangements. If you have a further IVA FAQ which isn't listed here, or if you would prefer personalised IVA advice, please call our IVA team now on 0800 048 1766.

• Are IVAs just too good to be true? > Sometimes you might look at the benefits of an IVA and think that it is too good to be true. But is it?...
• Are my IVA details kept private? > Bankruptcy means that your details will be in the public domain. But does the same thing happen with an IVA?
• Can any other debt solution write off my debt? > An IVA allows any unaffordable debt to be written off on completion of the IVA. Can other debt solutions write off your debt?
• Can I cancel my IVA at any time? > An IVA is a agreement between you and your unsecured creditors. It is legally binding so it is not easy to cancel your IVA...
• Can I end my IVA early? > With an IVA you commit to making set repayments. But there can be circumstances where it is possible to finish your IVA early...
• Do I qualify for an IVA? > Not everyone can qualify for an IVA as there are certain criteria which you have to meet...
• What qualifies me for an IVA instead of a debt management plan? > Both your financial circumstances and your debt levels are one of the factors when it comes to deciding whether an IVA or Debt Management Plan is the right debt solution for you...
• How do I arrange an IVA? > How do you go about arranging an IVA if you believe that you qualify for an IVA....
• How long will the IVA proposal take? > Once you have started arranging an IVA, how long will the IVA proposal take to complete?...
• How much will my IVA payments be? > Discover how much you need to pay towards your IVA on a monthly basis...
• I am insolvent. Is bankruptcy my only option? > If you are struggling with debt, should bankruptcy be the only option or should you consider bankruptcy alternatives?...
• I live in Scotland. Do I qualify for an IVA? > IVAs are only suited to those who are resident of Scotland, Wales or Northern Ireland. Residents of Scotland are recommended to look further into Trust Deeds which are their IVA equivalent...
• My creditors are trying to contact me before my IVA has been accepted. What should I do? >If you creditors are trying to contact you whilst you are in the process of getting your IVA accepted, there are a number of things that you can do...
• What are the benefits of an IVA? > Before deciding upon any debt solution, it is important that you understand the benefits...
• What are the implications of an IVA? > Before deciding upon any debt solution, it is important that you understand the any implications which may arise...
• What is an IVA? > IVA stands for Individual Voluntary Arrangement, and is a debt solutions designed to help those with high levels of debt avoid bankruptcy...
• What is the basic IVA criteria? > The basic criteria to qualify for an IVA will include your debt level, income and outgoings. The only way to see if you qualify for an IVA is to seek professional IVA help...
• What should I do if I cannot afford my IVA payments? > If you find it a struggle to meet your IVA payments during the term of your IVA, then it is essential that you get IVA help immediately...
• What will happen at the IVA meeting of creditors? > The IVA meeting of creditors happens so that your unsecured creditors can vote whether or not to accept your IVA proposal...
• When were IVAs introduced? >IVAs were first introduced as part of The Insolvency Act of 1986...
• Will an IVA damage my credit rating? > Learn what happens to your credit rating once you have been accepted for an IVA and what this means to you...
• Will an IVA include all of my debts? > An IVA can only deal with your unsecured debts. These include personal loans, store cards, credit cards, overdrafts...
• Will I lose my home in an IVA? > One of the most worrying things about committing to a debt solution is what happens to your home. But an IVA means that you can avoid bankruptcy and shouldn't have to sell your home...
• Will my creditors contact me during my IVA? > Once you have been accepted for an IVA, you shouldn't have to worry about your creditor contacting you...
• Will an IVA be legally binding with my secured creditors? > An IVA can only include debts with your unsecured creditors. Therefore there are certain debts (such as those with secured creditors) which cannot be included in your IVA...
• Will I have to pay all of my money into my IVA? > When drawing up your IVA proposal, you will have to come to an agreement about how much you can afford to repay to your debt on a monthly basis...