IVA
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Q: How much do I have to repay each month?
Answer: This will vary according to your circumstances including your income and expenditure/family circumstances. The repayment amount will have to be affordable for you. The very first payment has to be made specifically within one month after agreement has been reached about your IVA proposal.
Q: How an IVA works?
Discover how an IVA works The first step with an Individual Voluntary Arrangement (IVA) is to make your proposal and have it accepted by creditors. Once your proposal is approved, your Insolvency Practitioner (IP) will take on the role of Supervisor for the five year period. This will involve ensuring that the monies are handled… Read More »
Q: What exactly is an IVA (Individual Voluntary Arrangement)?
Answer: An IVA or Individual Voluntary Arrangement is actually a contract that is set up between you and your creditors. All it means is that you need to pay a certain amount of money every month for a period of usually 5 years. This sum is then divided up between the creditors to whom you… Read More »
Q: Are there other options open to me?
Answer: Yes, there are usually other options open to you because it would need you to get your creditors to reschedule all of your debts and can be difficult to achieve. Most of the lending institutions such as banks or building societies will have debt counsellors and they may be able to help you. It… Read More »
Q: What advantages does an IVA bring?
Answer: The IVA will simply require you to make one payment each month and this will be affordable to you. The amount is not likely to change (unless your situation improves) and it will be made monthly by standing order; but your circumstances will be reviewed at least annually. After your IVA has been approved,… Read More »
Q: I've been told about a IVA...does this mean anything?
Answer: An Individual Voluntary Arrangement or ‘IVA’ is a formal debt solution based over a fixed period, usually 5 years. It is generally a debt solution undertaken by debtors who owe more than £12,000 and have a surplus income of at least £150 per month. Under the terms of an IVA, the debtor maintains a… Read More »
Q: What is an IVA?
Answer: An Individual Voluntary Arrangement or ‘IVA’ is a formal debt solution based over a fixed period, usually 5 years. It is generally a debt solution undertaken by debtors who owe more than £12,000 and have a surplus income of at least £150 per month. Under the terms of an IVA, the debtor maintains a… Read More »
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