Individual Voluntary Arrangement Frequently Asked Questions

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?

I have moved abroad – Can I do an IVA

Find out if you can do an IVA after you have moved abroad. How will your local credit rating be affected? Is it better to go bankrupt?

Can we do a joint IVA?

What is a Joint IVA. Do both partner’s creditors have to agree? Is a Joint IVA always the right option? What if you split up?

Will an IVA affect my Business

Can a Company Director start an IVA? What if you are a sole trader? Will you be able to maintain your business bank account?

What happens to my Car in an IVA

Can you keep your Car if you start an IVA? What happens if it is on HP or a Lease Agreement? When can you include car finance debt in an IVA?

What happens to my pension in an IVA

Is your Pension at risk if you start an IVA? Can you still pay into it? What happens to pension income you already get?

What happens if my Circumstances Change during an IVA?

What happens to your monthly IVA payment if your income goes up or down? What if your living expenses increase or fall?

If your IVA is rejected what can you do

Can you apply for another IVA if your first is rejected? What alternative options can you consider? Will you be forced to go bankrupt?

Who will find out about my IVA?

Who will be told about your IVA? Could your employer find out? Is it possible for anyone to discover you are in an IVA?