Individual Voluntary Arrangement | Be Debt Free | UK

How long does an IVA last?
An IVA will usually last 5 or 6 years, although the exact length will depend on your circumstances and the terms agreed with your creditors. It may last longer if payments are missed or the arrangement needs to be extended.
Will an IVA affect my credit rating?
Yes. An IVA will affect your credit rating and will usually remain on your credit file for six years from the date it starts. This can make it more difficult to obtain credit during this period.
Will I lose my home?
Your family home is protected under the current IVA Protocol. You will not be required to sell or remortgage your home as part of the IVA, provided you continue to maintain your mortgage and any other secured loan payments.
Can I keep my car?
Usually, you can keep a vehicle if it is reasonably required and its value and running costs are considered appropriate for your circumstances. A particularly valuable vehicle or expensive finance agreement may need to be considered as part of the advice process.
Will my employer know?
Your employer is not normally contacted simply because you enter an IVA. However, IVAs are recorded on the public Individual Insolvency Register, and some employment contracts or professions may require you to disclose insolvency arrangements. You should check your employment contract or professional rules if you're unsure.
What happens if I miss a payment?
If your circumstances change, you should contact your IVA provider as soon as possible. Depending on the circumstances and the terms of your IVA, there may be options available. If you continually miss payments or don't comply with the arrangement, your IVA could ultimately fail.
Can an IVA fail?
Yes. An IVA can fail if you don't comply with its terms, such as failing to make agreed payments. If it fails, creditors may be able to pursue you again, you may still owe outstanding debts and fees may already have been deducted from the payments you've made.
What debts can be included?
Many unsecured debts can usually be included, such as credit cards, personal loans, overdrafts and some arrears. However, certain debts cannot be written off through an IVA, so we'll review each of your debts individually and explain which can and cannot be included.
How much does an IVA cost?
There are fees for setting up and supervising an IVA. These are normally taken from the payments you make into the arrangement rather than being charged as a separate upfront fee. The fees and how they affect the money paid to your creditors will be clearly explained before you agree to proceed.