Who can an IVA help?

If you have a total debt exceeding £15,000 and live in England, Northern Ireland or Wales then an IVA can be of assistance to you.

How long does any IVA last?

An IVA will typically last 5 years, but it is possible to complete it in a shorter time if you are in a position to pay off a lump sum.

What does an IVA cost?

When you offer an IVA to your creditors, you are basically offering to pay a percentage of your debt in monthly installments. The fees will be part of this payment and will vary dependant on your total debt and how much you can afford to pay.

It is not likely that creditors will accept any IVA which would lead to them getting less than 25% of the money owed.

Will all of my creditors agree to an IVA?

They might have no choice – if more than 75% of your creditors vote in favour of it, it will automatically be granted.

Will I have to sell my home?

This is the largest benefit of an IVA over bankruptcy – you will not need to sell your home, although you may need to release some equity in it.

If I am on income support, can I get an IVA?

You need to have a regular income to set up an IVA – bankruptcy may be a better option otherwise.

What happens after I have completed the IVA?

You will receive a Statement of Completion, and a copy of it will be sent to the Insolvency Service.