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 0808 131 9110. 

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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Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)
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