Frequently Asked Questions
Individual Voluntary Arrangements
My partners debts are under control. Will they need to pay into my IVA?
Not directly. To understand what you need to contribute into your IVA it is necessary to do an income and expenditure plan. From this work out the proportion of surplus income you have in your household. Now say your partner earns twice as much as you and a surplus income in the house was say £900. You may be asked to pay £300 per month into your IVA whilst your partner gets to keep their £600.
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?