FAQs - Frequently Asked Questions about Debts and IVAs
What are the advantages of an IVA?
You only make one affordable payment per month and from the date of approval, all interest and charges are frozen.
Once my IVA is approved can the creditors request higher payments?
As long as you keep to the terms of your IVA, all of your creditors are legally bound to it. Your financial situation is assessed on a yearly basis and your creditors cannot increase your payments unless there are significant changes to your circumstances. They cannot take further action against you or change their minds at a later date.
Can an IVA be settled early?
Yes, we can convene a variation meeting to offer a sum of money in full and final settlement of your obligations under the IVA.
Can I lose my house once my IVA is approved?
No, at least, not as a result of your IVA. Once your IVA has been approved, creditors cannot take any further action against you. Outside of an IVA, creditors can obtain judgments and then obtain charging orders against your property. They can also petition for your bankruptcy, which will mean that your property is at risk.
Which of my debts are included in the IVA?
You will be surprised at what we are able to deal with through an IVA. For your peace of mind we will go through a list of all your financial commitments including your income and expenditure taking all your debts into account when considering the IVA.
We help you regain control of your finances
Become Debt Free in 60 months or less*
