Frequently Asked Questions
Individual Voluntary Arrangements
Will my creditors accept my offer?
Creditors do not need to accept your offer. They are unlikely to do so if they think you have tried to treat them unfairly. This may happen if you have recently taken out a form of credit and within a short period of time decided to get all your debt written off along with all the interest. However putting this to one side if you have treated your creditors fairly and you are able to give your creditors a reasonable reason why your debts are unaffordable and you can meet minimum dividend requirements there is no reason why they will not accept your offer.
Finally there has been a major shift in how proposals need to look to get approval. A number of creditors now have their proxy votes managed by TDX. They have set minimum standards as to what terms and conditions need to be included in an IVA. Satisfying these conditions makes a substantial difference to getting your IVA approved.
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?