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IVA FAQ – Clarify All the Doubts

There are many questions that would be often preying on the minds of debtors. Before deciding to opt for an IVA, it is advisable to get all the information about IVA beforehand. Read on to find out the IVA FAQ:

1. What is an IVA?

An IVA (also known as an Individual Voluntary Arrangement) is a legally binding debt repayment agreement between an individual in debt (debtor) and the people he or she owes money to (creditors). It was introduced by the government as part of the Insolvency Act 1986 as an alternative to bankruptcy.

A standard IVA will offer to pay whatever the debtor can afford to contribute each month into a fund, over a five year period. The amount that is repaid via an IVA is usually less than the total debt but is accepted as a final settlement by the creditors.

2. How Long Does an IVA Last?

An IVA normally lasts for five years, however it is also possible to complete an IVA in a shorter period, especially if it is possible to produce a partial lump sum.

3. How Much Does an IVA Cost?

When debtors propose an IVA to their creditors, they offer to re-pay a percentage of the debt via monthly installments. The sum suggested is based on what the debtor can afford to pay.

This means that the monthly debt re-payments vary on a case-by-case basis. They depend on what assets the debtors have and how much money they have available after their living expenses have been deducted from their monthly income.

However, there does tend to be a minimum amount that creditors will accept as part of the IVA proposal. An IVA is usually rejected if it offers to pay the creditors less than 20-25% of what they were originally owed.

4. What Happens When an IVA Has Been Completed?

At the end of the IVA process the supervisor will give you a "Statement of Completion", normally within t hree months of the final payment. A copy of this will also be sent to the Insolvency Service for their records.

The IVA FAQ information will guide you to take a sound decision while opting for an IVA.

These are some of the frequently asked questions about IVA.

Bankruptcy FAQ's

Q: Does bankruptcy have lasting consequences?

A: Yes it does. It can affect your future ability to obtain services from banks, credit card companies and others. But it's not all doom and gloom. Talk to us about your individual situation and we'll advise you on what your future options may be.

Q: Will bankruptcy affect my job?

A: In certain professions, you could run the risk of losing your job. And if you are self-employed, your business will be normally be closed down. You can start to trade again but will be subject to restrictions. You will also be barred from being a company director without court. permission.

Q: Who would handle my bankruptcy?

A: The Official Receiver will act as your trustee in bankruptcy unless an Insolvency Practitioner is appointed. Your Trustee is responsible for looking into all your financial affairs and making a full report to your creditors. He or she may also make a report to court.

IVA questions and answers should help you clear any doubts on IVA.

Debt & IVA FAQ

If you wish to know more about debt and IVA FAQ, you can find out everything form the information provided below. This will guide you to take a sound decision.

Can you provide me with an example?

A well known solution offered to people with large amounts of debt is the Individual Voluntary Arrangement (IVA). IVA's are available to stop immediate debt problems. A badly drafted IVA which does not properly take into account your assets, catagories of debts, job security etc could cause more problems e.g. loss of contributions or even Bankruptcy.

Can you give examples of the services you provide?

Our services include (but are not limited to) the following:

Individual Voluntary Arrangements (IVA) - a tailor made contract available if to all people who are seriously in debt. It can bring down your monthly repayments, freeze interest, and prevent people chasing money. UK Government legislation introduced the IVA to promote a more entrepreneurial environment.

The debt FAQ’s can help you arrive at a suitable decision. You can decide whether a particular plan will suit your personal needs.

How is an IVA different to bankruptcy?

An IVA is an agreement with your creditors to pay as much as you reasonably can over an agreed timescale. It does not mean that you have to surrender any of your assets or move out of your home. Bankruptcy can involve having many of your assets being taken from you, including your home. Bankruptcy may also restrict your ability to obtain credit in the future, to work in certain professions and to take up certain roles in society.

You can get free UK IVA debt help FAQ's which will help you help you arrive at a suitable decision if you should really go for an IVA.