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What is an IVA?
IVA - Individual Voluntary Arrangements
How do I apply for an Individual Voluntary Arrangement - IVA?
Applying for an Individual Voluntary Arrangement - IVA is quick and easy, simply complete our
60 second debt calculator and we do all of the work.
Will my Individual Voluntary arrangement - IVA be made public?
No, IVAs - (
Individual Voluntary Arrangement) do not appear in the press.
However, they are recorded and help on an IVA register at the Department of Trade and Industry -DTI.
What if I miss payments to my Voluntary Arrangement – IVA?
One of your monthly Priorities should be to pay you Individual Voluntary Arrangement -IVA
commitments as your creditors may take action against you if you don't. If your circumstances change and you face brief
financial difficulties, it's possible to arrange a break from paying. These missed payments can be added to your
Individual Voluntary Arrangement - IVA and it will lengthen the term by as many months you miss payments.
How long will it take to set up my Individual Voluntary Arrangement IVA?
It normally takes around 6 to 8 weeks to set up an Individual Voluntary Arrangement -IVA,
but this process can slow down, if you do not produce all the relevant documentation that the Insolvency practitioner
- IP requires within a set period of time (Normally the first 7/10 days)
Can I settle my Individual Voluntary arrangement - IVA early?
Yes, Individual Voluntary Arrangements - IVAs can be settled early by paying a large cash sun, that will pay back the balance of debt, your Insolvency Practitioner -IP will discuss this with you.
Will the Individual Voluntary arrangement - IVA stop my creditors taking action against me?
Yes, BUT if you miss any payments or stop making your monthly payments your creditors may take other action to recover the debt.
Will I have to close my bank account?
You will only have to change your Bank Account if you have a debt with your bank, all debts must be included on an Individual Voluntary Arrangement - IVA. If you don't have a debt with your bank then you can bank with them as normal.
Can I improve my Credit Rating after an Individual Voluntary Arrangement - IVA?
If you are or have been in an Individual Voluntary Arrangement -IVA,
you may find to that your rating has declined due to your debts, but it is possible for you to increase this and obtain credit.
The best way to increase you credit standing whilst on an Individual Voluntary Arrangement
- IVA is to complete the IVA with no missed or late payments.
How to improve your credit rating
When your Individual Voluntary Arrangement -IVA has completed, make sure that a copy of your completion letter
is sent to the main credit reference agencies so that they are aware that you have completed your debt Individual Voluntary arrangement
- IVA and you are debt free.
Can I still have an Individual Voluntary arrangement – IVA of I have had a bankruptcy order?
Yes. It's possible to cancel a bankruptcy and select an IVA by completing
a 'Fast Track Individual Voluntary Arrangement' (FTVA) form. By doing this, your agreed payment must pay your creditors more than
they would receive under a bankruptcy. If your creditors agree to your proposal, the Official Receiver will run the FTVA for you.
As there are fewer set-up fees and costs, an FTVA is also cheaper than a typical IVA.
I am considering an IVA but my creditors are taking me to court. What shall I do?
Your Insolvency Practitioner - IP can apply to the county court for an 'Interim Order'.
This stops your creditors starting bankruptcy proceedings against you. It also prevents other enforcement action without the
court's permission. Better still, your insolvency practitioner can take care of this in around one week.
What if one creditor refuses to accept my Individual Voluntary Arrangement - IVA?
If your creditors do not accept an Individual Voluntary Arrangement - IVA then the only other options are a
Debt Management Plan,
Consolidation Loan or Bankruptcy.
However, creditors may not see a substantial return if you go bankrupt, so an Individual Voluntary arrangement - IVA would be more realistic.
Can I cancel the Individual Voluntary Arrangement – IVA once it's set up?
As an Individual Voluntary Arrangement -IVA is a legal process, you cannot cancel it if you change your mind.
What happens if all my creditors don't approve my IVA?
If your creditors do not accept an Individual Voluntary Arrangement -IVA then the only other options
are a Debt Management Plan,
Consolidation Loan or Bankruptcy.
However, creditors may not see a substantial return if you go bankrupt, so an Individual Voluntary arrangement -IVA would be more realistic.
How many creditors do I need to owe before you'll accept me for an IVA?
You need at least 3 separate creditors to apply for an Individual Voluntary Arrangement -IVA, so 3 debts cannot be with the same company.
Can I get an IVA if I live is Scotland?
No, but you can apply for the Scottish equivalent of a Trust Deed
What if I have a windfall of money?
If you come into enough money to clear your Individual Voluntary Arrangement -
IVA then the agreement can be ended at any time.
Can I get a new mortgage when my IVA finishes?
Yes, But mortgage lenders will complete a full credit search to look at your financial history and an IVA may affect your mortgage application.
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