Frequently Asked Questions
Individual Voluntary Arrangements
What happens at the end of the IVA?
At the end of the IVA you will be discharged from the IVA. All of your interest will have been written off along with all the capital which you were not able to pay. Your relationship with your supervisor will cease and the surplus income you were paying into your IVA will be available to use as you please.
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?