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.

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.

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.

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.

You may be hearing a lot about debt management plans and how they can help to reduce the amount of debt you repay to your creditors on a monthly basis.
One of the main benefits of a debt management plan is that it can lower the minimum payment amount that you need to repay to your creditors on a monthly basis to a reasonable amount that you can pay. Once the debt management plan has been negotiated with your creditors, all you need to do is to make one payment to …