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Individual Voluntary Arrangements (IVA's)
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- What is an IVA - Individual Voluntary Arrangement?
- How do I know an IVA is right for me?
- How does an IVA work?
- How is IVA Debt Advice Helpline different?
- How long does it take to set up an IVA and what is the process?
- How long does an IVA last?
- How much does an IVA cost?
- Will I ever have to go to court?
- Will my creditors still call me?
- What happens at the IVA creditors meeting?
- Can I clear all my debts with an IVA?
- Will I lose my home in an IVA?
- Will an IVA affect my business?
- What happens to my Credit Cards in an IVA?
- Will my IVA affect my bank account?
- What if my financial circumstances change during the IVA?
- What happens if I default on the terms of my IVA?
- Do I have to tell anyone I have an IVA?
- Can I share my IVA with my partner?
- How does an IVA affect my credit rating?
- I live with my parents – will the IVA result in them being blacklisted?
- Insolvency Act 1986 - Part VIII - IVA's
- Bankruptcy
- Debt Relief Orders (DRO's)
- Debt Management Plans (DMP's)
- Informal Agreement with Creditors
- County Court Administration Order (CCAO)
- Trust Deeds (Scotland)
- Consolidation Loan
- Mis-sold Payment Protection Insurance (PPI)
- Debt Calculator
- Debt Advice Centres
- Latest Insolvency News
What happens if I default on the terms of my IVA?
In the event of default, the Supervisor must issue a Notice requesting that you either rectify it or put forward proposals for varying the terms of the arrangement.
He may have to convene a further meeting of creditors so that they can decide what should be done. This could result in either:
- a variation to the existing terms with the IVA continuing, or
- the IVA being terminated and/or
- a bankruptcy petition being issued.
If, for example, a person loses their job and cannot afford to meet their monthly payments, we will call a meeting of creditors to consider giving that person a payment holiday of up to six months. This gives them time to find a new job, get back on their feet and resume payments into their IVA. Those six months are added on to the end of the IVA.
If you are not sure about the extent of your problem then try filling in our online Debt Calculator. This will help you calculate how much money you have left over each month to pay your debts (creditors)
Getting in touch with an insolvency expert for free advice is as easy as picking up the phone. Call us on free phone 0800 169 1536.
If you would like one our experts to contact you to discuss your financial position and how we can help, please send us your details so we can arrange a call back at a time that is convenient to you.