Frequently Asked Questions - IVA

	How much will I have to pay into my arrangement?
	Your monthly payment will be based on your disposable income. This is what you are left with after you take away your reasonable monthly living expenses (excluding your debts) from your monthly income.

	Will my home be safe?
	When you are in an IVA you won't usually have to sell your property. If you do own your home, you may be expected to release some of the equity.

	What sorts of people enter into IVAs?
	Any individual who cannot pay their debts can apply for an IVA. If you cannot pay your debts as they fall due, you are insolvent by law and have two alternatives - bankruptcy or an IVA. You must owe at least £15,000.

	What if my creditors don't agree?
	If 75% of your creditors are in favour of your IVA proposal it will be approved. If it is approved the other 25% of your creditors will be legally bound to the arrangement as well. During the negotiations creditors can suggest modifications to the proposal and you can choose whether to accept them or not.

	What if my creditors aren't all in favour?
	If your creditors don't all vote in favour you still have the option of bankruptcy or an informal arrangement with your creditors

	Will my credit rating be affected?
	If you undertake an IVA, you will have to give up all your current credit (e.g. store cards and credit cards) and you will not be allowed to take additional unsecured borrowings. However, this situation will only last until your IVA is completed.

	How long will an IVA last?
	This can vary, but it usually lasts for 5 years.

To discuss IVA's please call
0800 652 8086

Estimated Debt Level

Help Point: Don't include secured loans,
mortgage or hire purchase

How many companys
do you owe? *

* Creditors should be 2 or more

What's your monthly disposable income?

Help Point: What do you have left after
you pay essentials?

Are you a homeowner?

First Name:

Last Name:

Address:

Post Code:

Home Phone:

Mobile Phone:

Email Address:

Are your Debts in
Joint Name?

Type of Income:

Is your Partner Aware
of Debts?

Are you Currently with Debt Management Company:

Subject to eligibility and acceptance, debt write-off applies on completion of an Individual Voluntary Agreement, alternative solutions may be offered. Fees payable. Your ability to obtain credit will be affected.