IVA Implications 

A IVA is a complex legal procedure that can only be arranged with an Insolvency Practitioner. However if you qualify for an IVA then it is often your best way to becoming debt free as no other debt solution can write off any amount of your debt.

For debt advice, please call us free on 0800 0481 775. 

Debt Advice -IVA Implications:

  • To qualify for an IVA, you must have unsecured debts greater than £15,000.
  • At least 75% of your creditors who vote, must agree to the IVA proposal for it to be accepted.
  • Your IVA will last for 5 years.
  • If you fail to make your required monthly payments then your creditors can start bankruptcy proceedings against you.
  • You may have to re-mortgage your home to release a proportion of your equity.
  • An IVA will affect your credit rating, for up to 6 years.


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