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Frequently Asked Questions on IVAs

Do you need to know more about Impartial Voluntary Arrangements? If so we have all the answers you need to help you decide if this is the correct solution for your debt problem.

How much will I have to pay into my arrangement?

Your monthly payment will be based on your disposable income. This is what you are left with after you take away your reasonable monthly living expenses (excluding your debts) from your monthly income.

Will my home be safe?

When you are in an IVA you won't usually have to sell your property. If you do own your home, you may be expected to release some of the equity.

What sorts of people enter into IVAs?

Any individual who cannot pay their debts can apply for an IVA. If you cannot pay your debts as they fall due, you are insolvent by law and have two alternatives - bankruptcy or an IVA. You must owe at least £15,000.

What if my creditors don't agree?

If 75% of your creditors are in favour of your IVA proposal it will be approved. If it is approved the other 25% of your creditors will be legally bound to the arrangement as well. During the negotiations creditors can suggest modifications to the proposal and you can choose whether to accept them or not.

What if my creditors aren't all in favour?

If your creditors don't all vote in favour you still have the option of bankruptcy or an informal arrangement with your creditors

Will my credit rating be affected?

If you undertake an IVA, you will have to give up all your current credit (e.g. store cards and credit cards) and you will not be allowed to take additional unsecured borrowings. However, this situation will only last until your IVA is completed.

How long will an IVA last?

This can vary, but it usually lasts for 5 years.

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Our organisation is a trading style of Debt Advisory Line who have been voted Debt Management Provider of the Year in both 2008 and 2009.

Our trained advisors will initially listen attentively to determine the level of your debt problem and your specific circumstances in terms of your level of debt, family circumstances, employment status and disposable income. Once they have a good understanding of the particular issues you are facing they will be in a position to offer a solution that is appropriate for your needs and which will enable you to clear your debts as quickly as possible.