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What happens if I can’t make the payments in an IVA? |
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If there is any change to your personal circumstances such as illness, redundancy, relationship breakdown or bereavement which could cause you to experience problems in keeping up the repayments in the IVA then you should contact your Insolvency Practitioner straight away.
The Insolvency Practitioner will revise your income and expenditure based on your change of circumstances and if required, another creditor meeting may need to be held to change the original agreement.
In extreme circumstances, if need be, you could be given permission by the IVA and creditors to miss 2 payments. If you miss a payment without permission this will deemed as a default in your IVA which could result in your IVA failing and possibly lead to your IP commencing bankruptcy proceedings against you. |
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You will be required to make a monthly payment over a 60 month period and after that whatever debt is left will be totally cleared, leaving you 100% debt free.
An IVA is available for individuals, sole traders and partners who are struggling with their debts. An IVA is particularly used by individuals who own their own property and want to avoid the possibility of losing it through bankruptcy .
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Once you have decided that an IVA is right for you, a debt advisor will review your financial status and work out how much you will be able to offer your creditors (this amount will be tailored to your personal circumstances).
If the debt advisor agrees that an IVA is right for you, a statement of affairs will be drafted (income, expenditure and your debts) to be passed to an Insolvency Practitioner.
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An IVA can be tailored to your financial circumstances, your payments in an IVA will all depend on how much debt you currently owe and how much you can afford to pay back monthly.
A debt advisor will review your finances and work out a monthly repayment that is fair to both you and your creditors.
Your employment will not be affected by and IVA and you do not have to be a homeowner for an IVA to be accepted.
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An IVA will enable you to reduce your debts to one affordable monthly sum (based on your budget) which is usually fixed over a 60 month period.
Monthly repayments can be as little as £100 per month, and after you have completed the IVA, whatever debt is remaining will be cleared, which could be up to 75%, leaving you debt free.
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