Frequently Asked Questions
Individual Voluntary Arrangements
What minimum payments do creditors accept into an IVA?
The answer to this one is it varies. Most creditors have decided that a reasonable balance between your interests and theirs is to settle on a net 25 pence in the pound dividend. Other creditors such as Northern Rock, Marks and Spencer Money, HSBC to name but three will not approve an agreement unless 40 pence in the pound net is offered. Other creditors also have other situations such as Capital One which will only approve if the minimum dividend as 25 pence but the minimum fees charged meet their guidelines as well.
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?