Frequently Asked Questions
Individual Voluntary Arrangements
What if I get a big pay rise or gain a windfall like the lottery?
The answer to this one as with a number of things is it all depends. It is likely that in the terms of the IVA a clause will be inserted to the affect that if you were to receive a substantial gain a part of the gain would have to be paid over to your creditors. Within the proposal they will identify the proportion of any gain which will need to be treated in this way.
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?