Frequently Asked Questions
Individual Voluntary Arrangements
Will I really be debt free at the end of the arrangement?
The answer to this in the majority of all cases is a categorical yes. There is one circumstance where you may not however be entirely debt free at the end of the arrangement. In some IVAs a part of the proposal is to remortgage a property. Within the proposal an amount will be agreed for this. The purpose of doing this is to keep down the amount which you need to pay into the IVA. Now if at the end of the period it is simply impractical to remortgage your property then it may be necessary to keep the arrangement going for one further year.
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?