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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
Will I lose my home in an IVA?
Unlike bankruptcy, with an IVA you will not be forced to sell your home.
In a 5 year IVA you creditors will ask that independent valuations of your property are obtained during the fourth year in order to ascertain whether or not you can re-mortgage to release some of the equity to pay into the arrangement.
The Supervisor will be required to enter a restriction against your property at the Land Registry in order to protect creditors’ interests during the IVA in the event that you default. This will be removed following a re-mortgage or the satisfactory completion of the IVA.
If you have negative equity, you may be able to exclude the property from the arrangement.
Where an IVA has been approved based on a bankruptcy order being annulled so that you can re-mortgage to pay a lump sum into the IVA; and it transpires that you are unable to raise the requisite funds, you may have to voluntarily agree to sell your property.
An IVA cannot affect the rights of a secured creditor. So it is important that you maintain payments on your mortgage in order to avoid repossession proceedings by a lender.
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.