Debts Management » FAQs

What happens if my creditors don’t agree?

admin — Tue, 17 Nov 2009 10:26:57 +0000

For your IVA proposal to be accepted, 75% of your creditors (in terms of debt value) must agree to the IVA. Even if the other 25% reject your proposal, it will still be legally binding to them.

What is a Remortgage?

admin — Thu, 05 Nov 2009 10:41:47 +0000

A remortgage means that you are getting a new mortgage deal without moving home. The new mortgage will pay off your old one as well as release equity which you might use to repay unsecured debt.

How much will my creditors want?

admin — Tue, 27 Oct 2009 10:36:14 +0000

The amount that you will need to pay your creditors during your IVA is based on your individual circumstances. During the IVA proposal your Insolvency Practitioner will go through your finances and help you to decide an amount that you can afford to repay. Your creditors choose to accept or reject your proposal during the Meeting of Creditors.

Are all my debts included in an IVA?

admin — Sun, 25 Oct 2009 07:34:46 +0000

An IVA can only include your unsecured debts, which includes credit cards, store cards and personal loans.

Secured or Priority debts cannot be included in your IVA proposal so it is important that you keep up to date with these. Examples of debts which cannot be included in your IVA include your mortgage, car hire purchase and student loan company debts.

How will my IVA work?

admin — Thu, 22 Oct 2009 04:33:45 +0000

The IVA proposal will be through your Insolvency Practitioner, they will prepare your proposal and hold a meeting with creditors. When your creditors vote in favour of the IVA it will become legally binding to them and to you. After this has happened, all you need to do is make sure that you continue to make the monthly payments.

Will an IVA damage my credit rating?

admin — Sat, 17 Oct 2009 10:32:47 +0000

When your IVA goes through, you will have to give up your current credit which means that you cannot have any credit cards, store cards or personal loans. You will also not be allowed to take out any further credit during your IVA term.

Can I enter into an IVA?

admin — Thu, 15 Oct 2009 02:29:50 +0000

An IVA is a legally binding procedure, and before you can enter into an IVA your creditors must accept your proposal. Your proposal will be based on how much you can afford to pay your creditors after all living expenses have been deducted, in return they will clear off your unaffordable debt at the end of this period.

If you want further IVA information, please call our DebtsManagement.co.uk advisors today.

Can I miss IVA payments?

admin — Sun, 11 Oct 2009 10:28:42 +0000

If you feel as though you may miss IVA payments or that they are not affordable to you, you need to get in touch with your Insolvency Practitioner straight away.

Failure to make IVA payments on time can lead to bankruptcy proceedings.

What happens when my IVA term is complete?

admin — Mon, 05 Oct 2009 10:25:35 +0000

When you have completed your IVA, you will receive a “Statement of Completion”, normally within three months of the final payment. The Insolvency Service will also receive a copy of this for their records.

Am I eligible for an IVA?

admin — Sat, 03 Oct 2009 10:20:39 +0000

An IVA is a legally binding contract between you and your creditors, and to see if you qualify for an IVA, you need to seek expert advice. Call Debts Management on 0800 0481 777 for more information.

Here are the basic IVA criteria as used by Debts Management:
1. Unsecured debt over £15,000.
2. Cannot afford to pay your debt.
3. Can afford to pay a reduced payment to your debt each month.