Welcome to IVA Advice, the UK's leading provider of debt help and IVA advice. If you feel as though your debts are getting the better of you, and you would like some Free , No Obligation debt advice…simply complete the form or enter your details into the quick contact section below. You will be ...
What is an IVA (Individual Voluntary Arrangement)? Introduction An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt i...
The Effect on Your Current Assets Assets such as your home, savings and investments are at less risk than with bankruptcy - but they are still at risk. But because the debtor usually proposes the IVA, and because creditors are being offered regular payments, they tend to be more flexible. The hom...
| IVA FAQ |
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| Written by Administrator |
Will My Credit Rating Be Affected?If you undertake an IVA, you will have to give up all your current credit (e.g. credit cards and store cards) and you will not be allowed to take additional unsecured borrowings. However, this situation will only last until your IVA is completed. After this, your credit rating will be restored and you will be able to borrow again.After your IVA is completed, you will be able to take out secured borrowing such as taking a mortgage to buy a house. In fact, it is possible to take or change a mortgage even while you are still within an IVA but you will need to make sure you get the advise of your Insolvency Practitioner for this. The bottom line is that undertaking and IVA does not mean that you are “Blacklisted” for ever . In fact, your credit rating will be repaired faster than if you carried on struggling with your debt alone.
What happens if I miss a payment?During your arrangement it is important that you endeavour to make every payment as set down in the terms. However, if you need to miss a payment for any reason, this may be agreed with your IP. However, creditors often stipulate that no more than one or two payments can be missed during any 12 month period. How Long Will My IVA Last? This will depend on your specific circumstances. However, an arrangement will typically last 5 years. If you receive a cash windfall or lump sum while you are in an IVA, it may be possible to offer your creditors a settlement and complete the arrangement sooner. What Happens After The IVA Ends? Once you have made your final payment (as specified in the terms of your agreement), you will be cleared of all debts included within the arrangement. Any outstanding balances of these debts will be written off and you will be free of these debts for ever. Can I make and IVA After I Have Gone Bankrupt? It is cheaper for you to set up an individual voluntary arrangement before you become bankrupt but you can propose one afterwards. Are There Any Restrictions on Who Can Undertake an IVA? Generally speaking no. Anyone can undertake an IVA as long as they are able to stick to its terms. |