Frequently Asked Questions
Individual Voluntary Arrangements
Will I be able to borrow money during the IVA?
The usual rules regarding borrowing money during the IVA is that it is not a good idea. For this reason if you are able it is often worthwhile getting a credit card without using it before you enter into an IVA. Alternatively it is also worth gaining access to pre pay credit cards which can give you the flexibility to shop. Finally there is nothing preventing you from trying to gain additional credit during the period of an IVA the outcome may simply be that it is hard for you to obtain the credit during the period.
Is an IVA the right answer to my debt problem?
When should I consider an IVA?
How much will I need to pay into my IVA?
Will my creditors accept my offer?
What minimum payments do creditors accept into an IVA?
Will I really be debt free at the end of an IVA?
Will I be able to borrow money during the IVA?
What happens if I get a big pay rise or win the lottery or some other type of windfall?
Will people know about my IVA? Will it go into the local papers? Will my employer know?
How difficult will it be to get credit again?
Will an IVA cost me more than going bankrupt?
My wife or partner has debts but their debt is under control. Will they need to pay into my IVA?
What fees do you charge and how do you get paid?