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Frequently Asked Questions regarding Individual Voluntary Arrangements.
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No problem - Request a call back for personalised advice.
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Frequently Asked Questions
Please find below a selection of frequently asked questions regarding IVA's;
Individual Voluntary Arrangement (IVA) Frequently Asked Questions
What is an IVA?
An IVA (Individual Voluntary Arrangement) is a formal contract set up between yourself and your creditors which is an excellent alternative to bankruptcy. The arrangement usually means you can become debt free within just 5 years, or 60 months from starting the agreement - so long as you stick to your payment plan.
With an IVA your monthly payments are consolidated into just one. Your advisor will also negotiate with your creditors in an attempt to get upto 60% of the total debt written off.
Please find below a selection of frequently asked questions regarding IVA's;
Individual Voluntary Arrangement (IVA) Frequently Asked Questions
What is an IVA?
An IVA (Individual Voluntary Arrangement) is a formal contract set up between yourself and your creditors which is an excellent alternative to bankruptcy. The arrangement usually means you can become debt free within just 5 years, or 60 months from starting the agreement - so long as you stick to your payment plan.
With an IVA your monthly payments are consolidated into just one. Your advisor will also negotiate with your creditors in an attempt to get upto 60% of the total debt written off.
As this is a formal agreement, your creditors are obliged to do all they can to help you and at the end of the term of the agreement (usually a maximum of 60 months) you will in theory be left debt free.
Is interest frozen during an IVA?
Yes, in most cases your advisor will ensure no further interest is charged once your IVA is set up.
Will I loose my home?
The purpose of an IVA is to allow you to avoid bankruptcy and in turn repossession. You may, however be required to release some equity from your property towards the end of the agreement, but this will be laid out in the agreement at the start.
If I take out an IVA, will it show on my credit file?
It will, but it will also be likely to be looked at favorably as creditors will see your commitment towards settling your debts. Ignoring the debts, or worse still bankruptcy will seriously damage your credit rating for many years to come.
Where can I find out more?
You can also request a call back here. A debt advisor will call you to discuss your needs and help you to choose whether a Debt Management Plan, Individual Voluntary Arrangement or other option is right for you.
Is interest frozen during an IVA?
Yes, in most cases your advisor will ensure no further interest is charged once your IVA is set up.
Will I loose my home?
The purpose of an IVA is to allow you to avoid bankruptcy and in turn repossession. You may, however be required to release some equity from your property towards the end of the agreement, but this will be laid out in the agreement at the start.
If I take out an IVA, will it show on my credit file?
It will, but it will also be likely to be looked at favorably as creditors will see your commitment towards settling your debts. Ignoring the debts, or worse still bankruptcy will seriously damage your credit rating for many years to come.
Where can I find out more?
You can also request a call back here. A debt advisor will call you to discuss your needs and help you to choose whether a Debt Management Plan, Individual Voluntary Arrangement or other option is right for you.
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