Frequently Asked Questions
Individual Voluntary Arrangements
When should I consider an IVA?
Assuming you meet the criteria for an IVA it is worth considering an IVA if you genuinely want to become debt free in a guaranteed period of time but you want to avoid the stigma of bankruptcy. By going into an IVA you will be able to call the shots to a certain extent and be able to keep control of assets you have like your home. If this is important to you; avoiding the stigma of bankruptcy and keeping control of your assets it would be worth thinking of this solution.
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?