Advantages of an IVA
- What are the advantages of an IVA?
Click here to watch the answer to this question from our video series ‘Interview with the Insolvency Service‘. - Is an IVA a valid tool for me to use to get out of debt?
Click here to watch the answer to this question from our video series ‘Interview with the Insolvency Service’. - Is the IVA designed to treat creditors fairly?
Click here to watch the answer to this question from our video series ‘Interview with the Insolvency Service’.
IVA Advice, Alternative, Options
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After the IVA
- Will my CCJ be shown as satisfied on completion of the IVA or does the IVA c…
Actually what happens is that as long as you make your payments under the IVA the CCJ is not enforced. Under an IVA you are able to repay your debt for less than the full balance and so what act … - I have heard that I will be discharged from my debts in an IVA. What does tha…
The best way to explain this is by example. If you owe a creditor £10,000 at the date you sign a IVA and they are paid £3,000 by your Supervisor out of the funds contributed, you wi … - When will my debt be discharged if I do an IVA?
So long as you have complied with the terms of the IVA you will be discharged following the end of the IVA period, normally five years from the date it was accepted. A final discharge is usually g …
Business Related IVA Issues
- I’m a director of a limited company. Can I remain as a director if I do an IVA?
Yes, signing an IVA does not automatically stop you from being a director of a limited company. If you want specific information about your role and status with your company just check the comp … - iva
Question: Iam going into bisness with someone who has a iva does that have any impact on me or him e.g can he be a partner of a company and would the take any part of the company.Answer: Being in …
IVA and Cars & Vehicles
- Will I lose my car if I enter an IVA?
It really depends. The value of your car and the required use for your car are determining factors that are considered in allowing you to keep your current car. If approved you will be able to ret … - I have a static caravan that I bought with a personal loan. Would I lose my v…
It is possible yes as it may be seen as an asset. It depends on the value of the caravan but if it is worth more than £2000 then it is likely you might be asked to sell it. This is a questio …
IVA Court Related FAQs
- What is an Interim Order?
An Interim Order is court order that can be used as part of the IVA process to stop any further court recovery action being taken by an individuals creditors whilst the IVA proposal is being prepa … - Does the court need to get involved to setup an individual voluntary arrangem…
No. There is no need to have court involvement to set up an IVA.
IVA Credit Card, Debit Card and Pre-Paid Cards
- I need a credit card but I’m having money troubles. Can you help me get a cre…
Recognising the need that many people have to have access to an international payment processing platform, Myvesta has introduced the Myvesta Cashplus MasterCard. This pay-as-you-go chip and pin … - I need a credit card or debit card for work. Can I have one if I enter into a…
If you enter an IVA you can have a debit card or a Myvesta Cashplus MasterCard to use for work purposes. The important point is that the Myvesta Cashplus MasterCard is a prepaid card but operates …
Credit Reports and the IVA
- Will my CCJ be shown as satisfied on completion of the IVA or does the IVA c…
Actually what happens is that as long as you make your payments under the IVA the CCJ is not enforced. Under an IVA you are able to repay your debt for less than the full balance and so what act … - Will I be credit checked before acceptance of my IVA proposal?
No. The signing of an IVA is not subject to any credit check. You can’t be denied an IVA on the basis of your credit history or credit report. - Will my IVA Supervisor report my entering the IVA to the credit reporting com…
Your IVA Supervisor is not required to notify the credit bureaus that you have entered an IVA. Your creditors always have the right to update your record to reflect the current true and accurate r …
IVA Creditor Related
- Would equity in a debtors property be of interest to creditors when proceedin…
Absolutely the equity will be of interest to the creditors. The debtor’s equity is an asset that can be used to repay creditors. The equity can be accessed now, in a refinance, to offer a … - Can one of my creditors fail to vote and cause my IVA to not be approved?
There is no requirement for creditors to vote in favour of your proposed IVA and they do have the right to object. If less than 25%, by value of the voting creditors, do not object, then the IV … - Will interest, fees and charges be frozen while my IVA is set up?
The date on which the IVA is approved by your creditors is the date at which all charges and interest must be frozen by your creditors.
Debt Collector & Collection Calls in IVA
- Would equity in a debtors property be of interest to creditors when proceedin…
Absolutely the equity will be of interest to the creditors. The debtor’s equity is an asset that can be used to repay creditors. The equity can be accessed now, in a refinance, to offer a … - What information will I need to have about my debts so I can set up my IVA qu…
You need to provide details of all of your debts both secured and unsecured. These will include bank loans, credit cards, store cards, council tax etc. You will also need to provide a recent s … - Is it true that calls from my creditors, debt collectors and collection agenc…
The signing of a IVA allows the Nominee (Insolvency Practitioner) to act on your behalf in relation to all known creditors and this will, in time, mean the cessation of calls and letters from yo …
IVA Fee Questions
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How an IVA Works
- In an IVA, will my debt be frozen and total debt reduced?
Yes. The IVA is an effective tool that can be used to deal with multiple debt problems without the need to petition for your own bankruptcy. As part of the Myvesta IVA process your creditors will … - How is the Myvesta IVA different than IVAs offered by others?
With the Myvesta IVA the proposal is prepared and presented to creditors via our Insolvency Practitioner partner in much the same way as other IVA proposals are prepared and presented.
There a … - Why is the Myvesta IVA different than standard IVAs?
The Individual Voluntary Arrangement (IVA) solution from Myvesta is more comprehensive than standard IVAs offered by the many new firms of Insolvency Practitioners that have started up over the …
IVA Outside the UK
- Can I do an IVA to eliminate my debt if I am no longer living in the UK?
If you have lived in the UK during the last three years you can possibly have your UK debts resolved with an IVA depending on your circumstances. To receive an opinion regarding your specific si … - if i have an iva in england, but am moving to rep of ireland. What do i need …
If you are currently in an IVA and are planning to move abroad you need to let your IVA Supervisor know. If you have a job to go to and can afford to continue making the monthly payments or even i … - I am moving overseas, can I set up an iva ?
If you plan to move away from the UK then , depending on your circumstances , you can look at doing an IVA - provided you have an address you can use in the UK ( family member or friend). We would …
Job Related IVA Questions
- Do you have to be employed to go into an IVA? I am approx £40k in debt and ca…
Your situation has stirred some dissension in the insolvency community. If you are living off benefits, many would argue that you should not enter into an IVA based on benefit income. Those same … - I have no income but my parents have said they would be willing to give me mo…
Yes. It is possible to enter into an IVA where the only contribution is from a third party, such as a member of your family or a friend. - Will I need to take time off work to do an IVA?
No. There is no need to take time off work in order to set up an IVA. A lot of the information can be obtained from a telephone call and copies of statements and documentation you provide.
Re …
Joint IVA
- Can my wife and I start a joint IVA?
Yes. Indeed many couples seek the relief that can be realised by undertaking a joint IVA proposal to deal with their combined debt issues.
The IVA process is not different than that involved i … - Can joint debt be included in my IVA?
Joint debt may be included in an IVA but if only one of the joint debt holders has entered into an IVA then the creditor can go after the other person on the account in an attempt to repay the deb … - If an individual applies for an IVA and has joint agreements with their partn…
Yes, creditors would be able to pursue the partner not in an IVA for repayment since the joint account holder is equally responsible for the repayment of the debt. In the case of an IVA it seems …
Mortgages and the IVA
- I’m looking to remortgage my property, can you help me find a mortgage?
The Myvesta Mortgage Switching Service is also available to our clients and this element of the Myvesta IVA often proves to be extremely useful to those clients where there is a 5th year remortg … - 18 months ago I took out a secured loan on my property (which is mortgaged) t…
A debt consolidation loan may not be a total fix as you found out. If the underlying spending is not contained then it is possible to find yourself back in the same situation again. In an IVA th … - I’m in an IVA and renting but I have a chance to buy a home. Can I purchase p…
If the monthly payment on the new property and cost of running that house is less than or equal to your current rented accomodation costs, then it should not be a problem.Since you are already in …
Property Outside the UK and the IVA
- We have a house in France. Do we have to sell for the IVA?
You don’t necessarily need to sell the house in France. Every situation is a bit different. However you will need to disclose this to the IVA specialist you turn to for help when you seek an …
Property Questions and Your IVA
- Would equity in a debtors property be of interest to creditors when proceedin…
Absolutely the equity will be of interest to the creditors. The debtor’s equity is an asset that can be used to repay creditors. The equity can be accessed now, in a refinance, to offer a … - I have secured equity in my property and I’m afraid of losing my house. What …
It would be a shame for you to lose your home and all of the equity in your home, but that might just happen unless you take some action to address your current financial situation. All of your … - 18 months ago I took out a secured loan on my property (which is mortgaged) t…
A debt consolidation loan may not be a total fix as you found out. If the underlying spending is not contained then it is possible to find yourself back in the same situation again. In an IVA th …
Reduction of Debt in an IVA
- In an IVA, will my debt be frozen and total debt reduced?
Yes. The IVA is an effective tool that can be used to deal with multiple debt problems without the need to petition for your own bankruptcy. As part of the Myvesta IVA process your creditors will … - What happens to the interest, fees and charges on my debts?
All interest, fees and charges are frozen at the date of the approval of the IVA. Any claim made by the creditor must be for the amount due to them at the date the IVA was approved by your credito …
Reporting of the IVA
- Does your name go on any public list when you choose to do an IVA?
You can watch the answer to this question in our IVA video questions and answer section. Or you can click on the following link to watch the answer to the question, “Who Will Know If I Do An IV … - Who needs to know about the terms of my IVA?
Your IVA is private and confidential between you, your Nominee/Supervisor and your creditors. There is no need to share the terms of your individual voluntary arrangement within any outside par …
Taxes and the IVA
- I owe back taxes. Can I include them in my IVA?
Question: It is true that you can include tax liabilities such as PAYE, VAT and National Insurance obligations in an IVA.Answer: Yes, back taxes can be included in an IVA.IVA
