FAQs – IVAs
I am a homeowner. Why do I need to contact you?
The information provided within our calculators is accurate but generic. In order to safeguard your property, we need further information relating to your mortgage, mortgage type, balance and ownership. Standard property valuations are NOT used in IVAs so you may not be required to release any equity.
Why would my creditors accept an IVA?
Where an IVA is the most appropriate solution it will be because you are technically insolvent. This means that if a creditor took legal action against you, they would end up getting less money back than they would by accepting the IVA.
What happens if my circumstances change once I am in the IVA?
An Insolvency Practitioner will be responsible for looking after your IVA on behalf of both you and your creditors. This position is known as the Supervisor. The Supervisor can vary the IVA or extend it to take into consideration things like a change in employment or unanticipated expenses.
Will my creditors still contact me?
No. Once you are in an IVA, your creditors must direct any queries to the Supervisor looking after your affairs.
What happens once the IVA is finished?
Once you have satisfied the terms of your IVA, any remaining debt is written off. You will once again be free of debt.
Will an IVA affect my credit rating?
If an IVA is the right solution for you, this is an irrelevant question! If you hold unsecured debts, the only way your credit rating will remain unaffected is by paying your contractual repayments. If you can afford your contractual repayments, you do not need an IVA! Regardless, the fact that you used an IVA will appear on your credit file for six years.
What are your fees?
Nothing. The Supervisor will pay us so you don’t have to.