Frequently Asked Questions
Individual Voluntary Arrangements
How difficult will it be to get credit again?
Within the period of the IVA it may be difficult to get credit. Under the terms of your agreement you may agree to not try to obtain any further forms of credit whilst your agreement is running. Where you to try it would though be difficult as most lenders run a credit check on you before offering you credit. This would highlight that you have a default on your credit file which is a negative indicator and gives you a lower numerical score. After the end of the IVA it is easier to get credit. One year after the end of your agreement your credit file will be wiped clean and you will have the credit profile of someone who has not borrowed before.
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?