IVA FAQ Detailed

  1. Can anyone enter an IVA?

    The simple answer to the question is no - not everyone can enter an IVA. The debtor needs to demonstrate that they don't have enough disposable income in order to...

  2. How long does an IVA last?

    An IVA is a very flexible debt solution and the length of time they last can vary from a number of weeks to seven years. The Insolvency Act 1986 states that an IVA can last a maximum period of...

  3. How much does an IVA cost?

    There are many companies that will offer to prepare an IVA for the debtor without any charge or fee. Only an Insolvency Practitioner (IP) can formally propose an IVA to the creditors, but either an IP or a debt solutions company can...

  4. What happens if I can't make my IVA payments?

    Despite everyone trying to find workable solutions to the above problems, sometimes IVA's fail due to changing circumstances. When this happens, the debtor is left with the debts and...

  5. What happens if my financial position improves during an IVA?

    If someone in an IVA receives a large pay rise it is appropriate to inform the IP. Assuming outgoings have not also increased then the available income for the IVA will also...

  6. Which debts can be included in an IVA?

    An IVA can be a very good way to deal with debts that you cannot afford to repay. However before proceeding with an IVA, it's important to understand which can and...

  7. Will my IVA be accepted?

    A debt adviser should be able to give a good indication of the likelihood of an IVA being accepted as creditors have made those criteria known. When an IP agrees to put an IVA forward...

  8. Will my partner / spouse be affected by my IVA?

    Strictly speaking an IVA is an individual arrangement. However where a married or co-habiting couple are both debtors...