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The questions we get asked most about debt.
The main impact for you will be that it has an effect on your credit rating. Credit reference agencies will assess the level of risk based your on financial history which may include an IVA however, once your IVA is completed, you can start to rebuild your credit rating.
If you fail to make a payment under your IVA, you may find the IVA fails and your unsecured creditors are entitled to pursue you again.
No. Once the Individual Voluntary Arrangement has been accepted, all creditors included in the IVA can only deal with your insolvency practitioner.
By law, creditors can no longer harass you to reclaim debt, and the insolvency practitioner will relay any relevant information to you.
While situations vary, it is highly unlikely you will have to give up your home or vehicle in the process of setting up an IVA.
If you choose to give up your home voluntarily, then that is an option available to you. If your car is brand new or of significant value then you may have to settle for a more affordable model.
Keep in mind that that our fully trained experts will be able to give you the help best advice to help you protect your assets.
On average, over 92% of our IVA proposals are accepted. Even if some creditors reject the proposal, they will still be legally bound by its terms, even if they object as long as creditors totalling more than 75% of the debt value accept.
In the unlikely event your IVA did fail, your trustee would negotiate your case in an attempt to have it accepted or review other debt solutions such as Debt Management Plans and Debt Relief Orders.
Almost all types of unsecured debts such as:
Unsecured Bank Loans, Credit Cards, Store Cards, Payday Loans, Council Tax Arrears, Catalogues, Overdrafts, Credit Unions, Previous Mortgage Shortfalls,
Previous Car Hire Purchase & PCP Agreements and HMRC Bills (self employed).
Any fees that apply for setting up and overseeing your Individual Voluntary Arrangement are taken from your monthly contribution, or from the sale of assets in cases where this is necessary to fulfil the IVA. There is no initial setup fee for entering into an IVA.