IVA Implications
As an Individual Voluntary Arrangement (IVA) is a legally binding procedure, we believe that our clients are fully aware of any implications attached to an IVA.
Please take the time to read our list below, and for free advice please call our advisors on 0800 048 1766. Alternatively fill in our Quick Enquiry form and we will call you back.
Individual Voluntary Arrangement Implications:
- You must have more than £15,000 of unsecured debt.
- You have to make the agreed monthly payment or your creditors will start bankruptcy proceedings against you.
- At least 75% of your creditors, in terms of debt value, must agree to your IVA proposal.
- Your IVA will last for 5 years.
- You may be asked to re-mortgage your home to release a proportion of your equity.