Individual Voluntary Arrangements FAQ
The following is a list of commonly asked questions about Individual
Who can be helped?
- Will I lose my house?
- Can I stay in business?
- How long does an IVA last?
- Which creditors will be
included in an IVA?
- Can I enter into an
IVA if I have already received a Statutory Demand?
- Can I obtain an IVA
if a Bankruptcy Order has been made against me?
- What happens if I don't
keep up the payments on my IVA?
- What happens once I
finish paying my IVA?
Which creditors can be included in
Creditors you can include are: Banks, Finance Companies, Credit,
store and charge card companies, Customs and Excise (VAT), Inland
Revenue and even loans from friends and family. You can't include
your mortgage, hire purchase, fines, debts incurred through fraud,
maintenance/child support arrears or rental property.
What happens once I finish
paying my IVA?
At the end of the process the Insolvency Practitioner will issue you
with a 'Statement of Completion', typically within 3 months of the
final payment. The Insolvency Practitioner will also send a copy of
this to the Insolvency Service so that they can amend their records.
So there is no need for you to attend court or even visit the
Insolvency Practitioners offices.
However, the onus is on you to send a copy of the Statement of
Completion to all the credit reference agencies which are in
operation at the time of their completion.