An IVA (Individual Voluntary Arrangement) is an arrangement that is legally binding and creditors cannot contact you as long as you are keeping up payments and co-operate with the IVA Supervisor. The IVA's Main Advantage is that once an IVA has been approved, any creditors you include have no legal right to pursue you outside of the IVA, so phone calls and letters should stop.
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IVAs are not published in your local paper, unlike things such as bankruptcy. The privacy aspect of an IVA is often a reason why people favour them over bankruptcy.
Your IVA will however be noted on the Insolvency Register, held by the Insolvency Service. Any member of the public can access the Insolvency register via the Internet.
Approved IVAs are also published in Stubbs Gazette, a magazine that can be requested by Insolvency Practitioners, finance companies and banks etc.
IVA's wont usually affect your job. However, if you are in certain specific jobs, like an accountant or solicitor, an IVA may mean that you can no longer practice, or may be able to practice only subject to conditions. If you're worried about what impact an IVA will have on your job, see the terms and conditions of your contract and see if it mentions anything about continuing to work when you have an IVA.
If you own a home or another property you should be able to carry on living there when you begin your IVA. The mortgage is not included in the Arrangement and your mortgage lender is not normally told.
You'll be able to keep paying towards your mortgage. A large amount will be included in your Living Expenses budget to allow you to do this.
The Arrangement will help secure your property from your unsecured creditors. The ones you include are no longer allowed to try and secure their debt against your property by Charging Order.
A condition of the IVA is that you might be asked to release equity from your property. Money you raise in this way must be paid into the Arrangement for the benefit of your creditors.
Council tax arrears
Tax credit or benefit overpayments
Debts to family and friends
Gas and electric arrears
Income tax and national insurance arrears
Any other outstanding bill, for example solicitor’s costs, invoices for building work and veterinary bills
*Up to 85% of debt can be written off in some individual cases. Depending on your own situation, the amount which can be written off will vary from person to person. Realistic levels of debt to be written off are between 20% and 85%, however this depends on your current credit policy, income and personal assets.
Your information will be passed to a third party organisation working on a model of none advice. These advisors will be able to talk through IVA (Individual Voluntary Arrangement) opportunities with people within England, Wales and Northern Ireland. Help can only be offered following a thorough fact-finding process. When an individual meets the required criteria for an IVA, advice can then be provided.
Help and advice given will be through registered insolvency practitioners with all necessary expertise. Debt Advisory Service, along with any third-party organisations, will not give advice with regards to Debt Management Plans (DMPs). Professional debt counselling and credit services are available free of charge from specialist Money Advice Services.
If Debt Management is the option you want to proceed with, All advice will be provided by the Debt Management company.