IVA Issues

  1. Can creditors continue to chase me in an IVA?

    An IVA is a legally binding arrangement and creditors are not allowed to contact you as long as you are keeping up payments and co-operate with the...

  2. Can I cancel my IVA once it's agreed?

    Ideally you should not cancel an IVA once it is set up. It is in no-one's interests (least of all yours) for this to happen. However sometimes changes of circumstances make the sustainability...

  3. Can I settle my IVA early?

    Settling an IVA early can be achieved by settling an IVA's outstanding balance, which could be the result of a change in circumstances...

  4. How long will my IVA last?

    An IVA repayment period can be extended if the creditor requires the term to be varied. One example of this happening would be if some...

  5. Illness when in an IVA

    No one can predict all that will happen during the life of an IVA. Like any other change of circumstances, if illness strikes then the IVA supervisor should be...

  6. Increase in outgoings when in an IVA

    The IVA repayment level is calculated on best evidence available at that time regarding income and outgoings. Certain expenses are fixed amounts e.g. mortgage/rent, household bills...

  7. Increasing salary when in an IVA

    You should check your IVA proposal as it will clearly state the procedure should you be lucky enough to receive a pay increase. If your IVA was presented in line with...

  8. IVA's and increasing mortgages

    For some who enter an IVA there is a fixed rate mortgage payment in place and will continue for a number of years. In some ways this is an ideal scenario...

  9. Losing a job when in an IVA

    If you are made redundant for example, or change jobs and your income is lower, it will have an impact on your ability to repay your monthly IVA payments...

  10. Implications of moving house when in an IVA

    When entering an IVA, debtors have to disclose information regarding any significant assets. For homeowners this involves details about...

  11. Receiving a windfall when in an IVA

    In an IVA it is part of the agreement that you will make your IVA supervisor aware of such a windfall. A Debt Management Plan by contrast, is an informal arrangement and the debtor...

  12. Separation / divorce from spouse / partner when in an IVA

    One of the most obvious consequences of a relationship ending is the financial one. Where rent or mortgage was shared along with household bills, there are now potentially...

  13. Starting a new relationship / marriage when in an IVA

    Moving in with someone (or have someone move in with you) certainly qualifies as a change of circumstances and the IVA supervisor would need...

  14. Stopping payments in an IVA

    Reasons for stopping payments in an IVA vary between being unable to maintain repayments to be being unwilling to do so. If there is a change of circumstances then this must be...

  15. What happens at the end of an IVA?

    Providing you stick to the terms of an IVA arrangement your debts will be cleared and you will be able to move on with your life debt free. Once an IVA has been completed, you will be issued...

  16. What impact will my IVA have on my credit file?

    Once you enter into an IVA your credit file will be affected. The Insolvency Service, which is the Government's department that deals with insolvencies, including IVAs, will contact the Credit Reference Agencies...

  17. What will happen to my pension in an IVA?

    One of the fundamental rules of insolvency is that any money you have already paid into a pension is not available for your creditors. This means that if you start an IVA...

  18. Who will find out about my IVA?

    It is an understandable concern for those in an IVA, or those considering an IVA as to how private or discreet the IVA will be. The thought of family, friends, employers...

  19. Will I ever get credit again?

    Once your IVA ends, the Insolvency Service will let the credit reference agencies know. The agencies will then update the IVA entry on your credit report to show...

  20. Will my house be safe in an IVA?

    You will not normally be required to sell your house in an IVA. Creditors are not allowed to take any action against you or your house once an IVA...