IVA - Frequently Asked Questions

Yes, if you have not been discharged from bankruptcy. It is possible to annul a bankruptcy and enter into an IVA if it is more appropriate.

We take complaints and customer service issues very seriously; should you feel the need to complain you can do so at our registered address. If you are not satisfied, you may take your complaint to the authority who regulates our Licensed Insolvency Practitioner:-

• Insolvency Practitioners Association

If your financial circumstances change, contact us immediately. In certain circumstances you IVA can be changed. If it's a short term problem, emergency payment breaks may be granted at your Insolvency Practitioner's discretion. Miss payments without your Insolvency Practitioner's permission and there is a chance your creditors will initiate bankruptcy proceedings.

Neither. The role of the IP is to act as a go between to ensure there is a balance between what Creditors can reasonably demand and what a you can reasonably be expected to pay.

No. An IVA is legally binding contract and must be over seen by an Insolvency Practitioner.

It depends. If you owe money to the bank where your wages are paid into, then it is best to change your bank account as they are likely to take all of these funds. With an IVA you can still open a new basic bank account (without a cheque guarantee card or overdraft facility) with a bank that you do NOT owe money to, ensuring that you are in control of your income. We can advise you further on this matter.

You must release money from saving accounts and endowment policies to pay towards your debts, otherwise your creditors will not accept the IVA proposal.

There is no simple answer to this. It is at the discretion of the creditors and dependent upon individual circumstances. The creditor involved will be able to pursue the other party.

Yes. If you've had an IVA rejected at creditors meeting, then you can propose another one straight away but the offer would have to be an improvement on that which was rejected. If it has found to be that the IVA failed in part due to your dishonestly, this may prejudice future IVA attempts.

If none of the debts are jointly in your partner's name, then you don't have to tell them. However, one factor determining how much you must pay into the IVA is your living expenses which are influenced by the total household income. Therefore you will be asked about partner's income and contribution to household expenses.