Frequently Asked Questions
Individual Voluntary Arrangements
What happens if I lose my job?
Once the IVA has started it is possible to alter the terms of the IVA. It is also possible to miss payments provided you make them up. Therefore if you lose your job you need to inform your insolvency Practitioner immediately. They can then inform the creditors who benefit from your payments. It will then be important to find another job as fast as possible. During this time if it is not possible to make the payments then these will need to be made up at the end of the IVA.
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?