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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.
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