Frequently Asked Questions
Individual Voluntary Arrangements
Who will know about my IVA?
One of the positive benefits of an Individual Voluntary Arrangement (IVA) is that it is not advertised and announced in the newspapers in the way bankruptcy is recorded. The only people who will know about it are the people you decide to tell. As it relates to your employer the same applies. Unless you were to let the employer know about your circumstance they would not need to know. There is no adjustment of your tax code as can be the case with bankruptcy.
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?