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IVA FAQ

Who can be helped?

Because of the costs of setting up an IVA, it is only practical to obtain one if your debts exceed £15,000 or so.


Will I lose my house?

No. But should you have equity in your house, savings or other assets then these will be taken into account when making an offer to creditors.


Can I stay in business?

Yes, you can. Unlike being declared bankrupt, there's no limit on your business activities.


How long does an IVA last?

They normally last five years.


Which creditors will be included in an IVA?

Creditors you can include are: Banks, Finance Companies, Credit, store and charge card companies, Customs and Excise (VAT), Inland Revenue and even loans from friends and family. You can't include your mortgage, hire purchase, fines, debts incurred through fraud, maintenance/child support arrears or rental property.


Can I enter into an IVA if I have already received a Statutory Demand?

Yes.


Can I obtain an IVA if a Bankruptcy Order has been made against me?

Yes.


What happens if I don't keep up the payments on my IVA?

The supervisor of the IVA would write to your creditors and make them aware of this, and if the payments were being missed due to a change in your circumstances then the supervisor would look at agreeing new terms with your creditors to help accommodate for these changes.


What happens once I finish paying my IVA?

At the end of the process the Insolvency Practitioner will issue you with a 'Statement of Completion', typically within 3 months of the final payment. The Insolvency Practitioner will also send a copy of this to the Insolvency Service so that they can amend their records. So there is no need for you to attend court or even visit the Insolvency Practitioner’s offices.

However, the onus is on you to send a copy of the Statement of Completion to all the credit reference agencies which are in operation at the time of their completion.


If you are interested in our IVA solution click here and fill out our simple application form, and one of our debt specialists will contact you at the requested time.