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Confidential debt solutions for individuals
Working together we can:
Frequently Asks Questions
Will an IVA affect my credit rating?
Yes, your credit rating will be affected for 6 years.
How long will it take?
Typically, the first part of the process “The Proposal” will take between two and four weeks, but this does depend on how quickly you are able to provide all the information we will need.
How long does an IVA last?
Typically an IVA will last for 5 years, although in certain circumstances this will vary and may be shorter, or longer.
What can I include in my IVA?
Only unsecured debts can be included in an IVA so you will need to keep paying your mortgage and any HP agreements (eg Car Finance).
Certain debts are excluded from an IVA such as child maintenance, student loans, magistrates Court Fines and maintenance arrears that have been ordered by the Court. Your Supervisor will provide you with a full list of excluded debts.
What will happen to my house?
Usually a homeowner will be asked to introduce a percentage of their equity into the IVA in the final year of the arrangement. On this basis your creditors will accept that you continue to live in the property as normal.
Am I allowed to take any credit during the IVA?
You cannot obtain any further credit, over £500 during the IVA without the authority of your Supervisor.
Do all of my creditors have to agree?
Creditors will be entitled to vote to accept or reject your IVA. For the IVA to be accepted, in excess of 75% in value of those who vote need to agree. If this value is achieved then it is approved and all creditors are bound by it. Your Supervisor will liaise with your creditors throughout the process.
Is my pension included?
Your pension does not form part of your IVA but there may be a cap on how much you can continue to pay into it whilst in your IVA. If you draw down your pension whilst in your IVA you may be required to increase your payments.
Debt Solutions Hub – Helping You Take Control of Debt
We can help deal with loans, overdrafts and credit card debts as well as HMRC, council tax arrears, and more consumer debts.
Fees do apply but fees charged are drawn from the agreed amounts that you pay into your arrangement.
An Individual Voluntary Arrangement may not be the right choice for you and your credit file is likely to be affected.