IVA Home

Vincent Bond View all sponsors

Frequently asked questions about IVA

For more detailed articles about these issues click here. For quick answers see below.

Why have I not heard of IVA’s?
With the increasing debt situation in the UK, IVAs have caught the public and media attention. Over 40,000 people enter IVAs each year. IVAs are a highly regarded, ethical and moral way to deal with debt problems whilst avoiding bankruptcy.

Who can enter into an IVA?
Any insolvent individual who cannot repay their debts can apply for an IVA as long as their disposable income is over £170. However if your income is unstable then it may not be appropriate to do an IVA. Try our IVA Calculator to find out if you qualify

What if my creditors don't agree?
If voting creditors owed more than 75% of the overall debt held by all creditors voting on your IVA the IVA will be accepted and all other creditors bound

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. credit cards and store cards) and you will not be allowed to take additional unsecured borrowings until your IVA is completed. However you will be allowed to use pre paid cards.

The bottom line is that undertaking and IVA does not mean that you are “Blacklisted” for ever. Once it is complete your credit rating should repair fairly quickly.

How will an IVA affect my current credit?
Your current credit (e.g. credit cards and store cards) will be inactive and you will not be allowed to take additional unsecured borrowings until your IVA is completed. In fact, it is possible to take or change a mortgage even while you are still within an IVA but you will need to make sure you get the advice of your Insolvency Practitioner for this.

Will my home be safe?
When you are in an IVA you won’t have to sell your property. However you may be required to release equity by taking out a remortgage in the last year.

Who pays the IVA fees?
During the course of the IVA your contributions will go towards a creditor pot. The money in the pot will be handed over to the creditors at yearly intervals, and at the end of the 5 year term all outstanding debts are written off. This pot is looked after by the IP. Once the IVA has started this pot does not belong to the debtor but to the creditor. IP fees are agreed to and paid for by the creditor out of this pot.

How much will I have to pay Into my arrangement?
This figure will depend on your personal circumstances and will be agreed between you, the IP and your creditors. Usually the monthly payment will not be below £100.

The above is provided as information only. Iva.co.uk does not provide debt advice. You must always seek professional advice before taking any action to resolve your debts.

Ask our experts a question, it will be posted on our forum
  • Simply complete form and you will get an answer from our experts
    (multiple replies within an hour *)
  • Your Question:
  • Your First Name:
  • Your Email:
  • Your Mob/Tel:

  • * Any use of this IVA forum is conditional on you having read and agreed to our terms and conditions.
    * If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.

    The Question will go to our industry wide panel of experts:
    Melanie Giles Bridgewood Finance Solutions Debt Free Direct Bright Oak
    Mc Cambridge Duffy CCCS Vincent Bond and Co Ltd
  • * The question will be posted on our forum, we will email you the location
  • Do I qualify?
  • How much written off?
  • Monthly payment amount?
  • Total Debt:
  • No of creditors:
  • Income:
  • Expenses:
  • Own home?
    Yes No
  • NOTE:

    An IVA is not for everyone. This calculator will give information on how an IVA could work.

  • Live Help
Jobs Available

- Head of social media
- Flexible hours
- Work from home

More info...

Social Media
Clear my debt

- Talk to an advisor
- Discuss your options
- Make an informed choice

  • Name
  • Email
  • Tel
  • Total Debt
  • Tick this box to confirm you have read our terms and conditions
  • What's the sum of 2 + 8 ?
    (spam protection)
Trustpilot Badge
Chat Now
Live Help
IVA.co.uk Newsletter
Reviews for IVA.co.uk
IVA.co.uk is rated 4.9 on a scale of 5 based on on reviewcentre.com.
Latest review:
So Glad We Did It - by , 19/09/2012
5/ 5stars
I have to admit to being less than keen to investigate the idea of an IVA as we had already gone down the route of a DMP with another company but this hadn't worked out. Hubby pushed for an IVA and started the ball rolling, however once we had started the process i soon realised how beneficial this would be. Adam Davies at Vincent Bond was fantastic, he went through the whole process with us fully and explained everyhing thoroughly. We are now almost 2 years in and haven't looked back.

Important Information:
Iva.co.uk does not provide debt advice. You must always seek professional advice before taking any action to resolve your debts. If you use the IVA Calculator or call the IVA Helpline, we will pass on your details or connect you to one of our partners who will contact you and explain all the options available to you. With your permission they can connect you with authorised debt solution providers who can process an application for you

Iva.co.uk does not charge you any fees for use of our forum or the IVA Calculator, however we do get paid by our sponsors and the partners we work with. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

Before entering into any debt solution you should ensure that you have considered the implications. Failure to keep up with repayments can result in bankruptcy or legal action. Lenders are not obliged to accept less in settlement of a debt than they are entitled to or to freeze interest or charges. Not all solutions involve debt write off and some solutions may result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions will affect your credit rating which records all financial activity for 6 years. Your assets and property could be at risk in some solutions. Conditions apply and each application will be subject to acceptance and eligibility.

Terms and conditions