An individual voluntary arrangement (IVA) is a legally binding contract between you and your creditors that allows you to pay off your debts at an affordable amount. As part of the contract, you agree to make payments over a fixed period, usually five to six years, as well as providing regular updates on your financial […]
Can I Get A Mortgage With An IVA?
If you are trying to buy a home when you are repaying your IVA, then you should know that your chances of obtaining a mortgage are slim. Your original creditors may wonder how you are able to afford a property when you are already paying them back, and new creditors may not be likely to […]
IVA vs Bankruptcy: What’s The Difference?
If you are in a lot of debt, and you can no longer afford the required payments, then a statutory debt solution may be appropriate. Based on your circumstances, you can either enter an IVA or you can petition for your own bankruptcy. An IVA is a formal agreement with your creditors, where you agree […]
Can An IVA Take My Inheritance?
If you do receive an inheritance of more than £500 during your IVA, then you may not be able to keep the funds. The money will be used to pay off your debt. How is Inheritance Seen In Terms of an IVA? Inheritance is seen as a windfall. If you receive this during your IVA, […]
Can an IVA Affect My Job?
When considering trying to obtain an IVA, you may be wondering, can an IVA affect my job? You may be hesitant to move forward if you believe it will negatively impact your career or job. Be glad to know that in most cases, an IVA would not affect your job, and shouldn’t be a problem […]
What is an IVA?
Learn more about how an Individual Voluntary Arrangement (IVA) works and what debts can be included in it. What is an IVA? An individual voluntary arrangement (IVA) is a legally enforceable agreement between you and your creditors that allows you to pay off your obligations at a reasonable rate. You make a payment to an […]
Can An IVA Be Paid Off Early?
Your IVA will put you on a payment plan until you pay your creditors what you owe. But can an IVA be paid off early if you happen to receive some extra money? The good news is that it is entirely possible to pay your IVA early. Nevertheless, it depends on how much you’re proposing […]
