Individual Voluntary Arrangement Frequently Asked Questions

What happens to overtime during an IVA?

Can you keep overtime payments earned during an IVA? Does overtime mean your IVA will be paid off early? What if you get a bonus?

Can you add debt to an existing IVA?

Can forgotten debts be added to an existing IVA? Can you add a brand new debt to the Arrangement? How to find out who you owe money to.

Can I get a Mortgage during an IVA

Is it possible to get a Mortgage in an IVA? Could you buy your first property? Can you settle your IVA early by releasing equity? Can you move house?

Can you settle an IVA early?

How to settle an IVA early. How much cash will you require? Can you borrow the money you need? Is it possible to use a windfall to settle an IVA?

Self Employed – Can you do an IVA

Is an IVA an option if you are self employed? What if the business has just started? Is the bank account affected? Can you still use credit?

Can you take a Payment Break during an IVA?

What is an IVA payment break? How are missed payments made up? What if you miss a payment without agreement? Options if your payments are too high.

What happens to a Windfall during an IVA?

What is a Windfall? Can the money received by used to pay an IVA early? Can you ever keep any of the cash? When do the IVA Windfall restrictions end?

The Allowable Living Expenses in an IVA

Why is your IVA living expenses budget important? What are the allowable living expenses amounts? What if you spend more?

How much debt is written off if I do an IVA?

Is a standard percentage of debt written off in an IVA? How much will you write off? Can the amount change? What if you’re a home owner?