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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
How does an IVA affect my credit rating?
As a general rule you are unable to borrow during the IVA. You will have to surrender all your current credit and store cards and you will not be allowed to borrow until your IVA is completed.
However, you will be allowed to use pre paid cards. You may be able to re-mortgage during the IVA (e.g. to obtain a better interest rate or if this is a requirement of the terms of the IVA) with the consent of your Supervisor.
A note of the fact that you have entered into an IVA will be entered on your credit file for six years.
Where you are required to raise funds during the IVA (for example by way of re-mortgage), this may affect your ability to borrow at competitive rates.
When the IVA has been completed, the Supervisor will send a Certificate of Completion to all your creditors, the Insolvency Service and the credit reference agencies, thereafter, your credit rating should repair fairly quickly.
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.