In most cases your car will not be affected by the IVA. If your car is subject to a finance agreement, you will need to keep up payments to the finance company; we will make allowances for this when establishing your monthly expenditure. If your finance payments are particularly high, you may be asked to [...]
In general, all your unsecured debts should be included in the IVA. This is because you must show that you are trying to treat all your creditors equally. It is possible in some cases, to exclude a creditor from the arrangement. For example, if you are running a business that relies entirely on a particular [...]
Having an IVA will not usually affect your job. People working in certain professions such as Solicitors and Accountants may be subject to restrictions during the term of the IVA.
Once you have made all the required payments into the IVA, you will be issued with an IVA completion certificate. The Insolvency Practitioner will notify all your creditors that you have successfully completed the IVA. Your IVA will be removed from the insolvency register within 3-months of the IVA being completed. Although you will have [...]
Your IVA will only normally fail if you don’t keep to the terms detailed in your proposal. The most common reason for the failure of an IVA is several missed monthly payments. In the first instance, we would talk to you about the reasons for the arrears, we may be able to ask for your [...]
Yes. If your circumstances change or you receive a windfall, you may want to settle your IVA early. You can offer to pay off the IVA at any time during the term of the arrangement. The first step is to contact the Insolvency Practitioner acting as your Supervisor, they will need to put your offer [...]
Yes, in most cases entering into an IVA will have a negative impact on your credit file. To a certain extent, if you have already been subject to legal action, CCJ’s etc, considerable damage to your credit file may already have been done. Once approved, an IVA will stay on your credit file for at [...]
A Full and Final IVA is an IVA into which you make a single, lump sum contribution and this is accepted in full and final settlement of your debts. Once you have paid in the agreed amount, you will normally be discharged from the IVA. You do not always need to offer an amount equal [...]
Any windfall that you benefit from during the term of the IVA will need to be declared to the Insolvency Practitioner; this includes lottery wins, inheritance, gifts etc. Your proposal will confirm the exact terms in respect of a windfall, but it will usually mean you need to pay extra into the IVA. The good [...]
Most IVA proposals are designed to protect people from losing their home. It is very unlikely that you will need to sell your property as part of an IVA. If you own a property, it is likely that your creditors will insist on an ‘equity clause’ being added in to your IVA proposal. If applicable [...]