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.

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.

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.

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.