1. Who can an IVA help?
Anyone in England, Wales and Northern Ireland with a stable income and debts over £15,000 could qualify. For those living in Scotland you can look at Trust Deed.
2. What happens when the IVA is finished?
You will receive a Statement of Completion declaring that the IVA has finished. Your credit file can then also be updated to show that you have completed the IVA satisfactorily.
3. What happens if I don’t pay my IVA?
If you do not make the payments then you are going against what you were legally required to do. Therefore the IVA will end and your creditors will then seek to gain their money from you. This could then result in bankruptcy.
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Debt Help
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Buried in Personal Debt
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Stuck in Debt
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More information about debt management and advice:
Write off all the debt you cannot afford and avoid legal action. Government legislation that helps you clear your debt in 60 months.
Lower your monthly payments on your existing debt with one affordable monthly payment plan. Hassle free and flexible plans for if your situation changes.
Bankruptcy is a consideration if you simply cannot pay debts that you owe and you have already considered
Debt Management and an
IVA.
A Trust Deed is a legal process only available to residents in Scotland and offers an alternative to bankruptcy.