Can all my Debts be included in an IVA?

You can only use an IVA for unsecured debts, such as credit cards, unsecured loans, store cards and bank overdrafts.

An IVA will not cover any debts which are secured against an asset, such as mortgage, remortgage or secured loan. There are other debts which can also not be included such as certain student loans or debts which arose from fraud.

To see if your debt can be included in an IVA, speak with our advisors on 0800 0481 777.

Will I lose my home if I agree to an IVA?

One of the greatest advantages of an IVA is that you can protect your assets. This means that you should not have to sell your home, unlike bankruptcy where your home and assets will be split between your creditors.

You may be asked to release some of the equity in your home to pay back your creditors.

Will my Creditors agree to an IVA?

For the IVA to be agreed, 75% of your creditors (in terms of debt value) must approve it. This overall IVA process typically takes 4-6 weeks as it is very complex. However, you won’t have to worry about a thing as we will complete the IVA proposal on your behalf. We will ask for your co-operation in giving us further details of your personal and financial circumstances and signing any paperwork.

Once the IVA has been agreed by the majority of your unsecured creditors, none of them are allowed to take any further action against you and your debts as long as you make the agreed monthly IVA payments. They will not be allowed to contact you.

Can I finish my IVA early?

In most cases, IVAs run for the full 60 month period, but if your personal circumstances change then you may be able to finish the IVA early.

You must contact your Insolvency Practitioner (IP) if your financial circumstances change over the IVA term, such as if you receive a windfall or inheritance. Your IP will approach your creditors and try to negotiate a settlement. However, the process for this is dependant on your personal circumstances.

For further information about how an IVA could help you with your debt problems and to see if you are eligible for an IVA, call the Debts Management team on 0800 0481 777.