IVA Loans

During the term of your IVA, you will not be allowed to take out any type of IVA loans.

As part of the IVA agreement you have to agree to certain living expenses, your excess disposable income will go towards paying your IVA. Loans go against the main conditions of the Individual Voluntary Arrangement and your creditors will expect you to repay your debt and live on your income, without the need to take out any form of debt, including an IVA loan.

If you find that you are struggling to live within your means then you need to speak with you Insolvency Practitioner (I.P) to discuss your current circumstances as amendments could be made regarding your IVA contribution. If you feel as though you will not be able to afford your next IVA payment then please contact your I.P immediately. Failure to make your IVA payment could result in your creditors declaring you bankrupt.

Once the IVA term has been successfully completed you will be allowed to apply for further credit, such as an IVA loan. You should be very carefully about the amount of credit that you take on as you don’t want to be back in the same place as you were before your IVA, with unaffordable debt repayments.