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Frequently Asked Questions And Answers

FAQs - IVA Technical

IVA : What Is A Second Charge?

A second charge is a legal charge put on a property in favour of a lender.

Posted by Chris Wrenshall at 4:10 PM

IVA : What Is A Default Notice?

A default notice is a formal letter issued on be half of a creditor to a borrower. A default notice declares that predetermined payments have not been paid and are now in arrears.

Posted by Chris Wrenshall at 3:31 PM

IVA : Can I Include A County Court Judgement In My IVA?

A County Court Judgment not only can, but must be included in your Individual Voluntary Arrangement (IVA).

Posted by Chris Wrenshall at 2:56 PM

IVA : What Is A Capital And Repayment Mortgage?

A "Capital and Repayment" mortgage is a mortgage where the mortgagee makes monthly repayments which include part of the capital borrowed as well as interest due, and cannot be included in an Individual Voluntary Arrangement (IVA).

Posted by Chris Wrenshall at 8:27 AM

IVA : What Is An Interest Only Mortgage?

An "Interest Only" mortgage is a mortgage where the mortgagee only repays the interest due on the loan.

Posted by Chris Wrenshall at 11:13 AM

IVA : What Is A Hire Purchase Agreement?

A Hire-purchase agreement is a mechanism for borrowing money in order to buy goods.

Posted by Chris Wrenshall at 10:20 AM

IVA : What Is An Unsecured Debt?

Unsecured debt is the only type of debt admissible in an Individual Voluntary Arrangement (IVA). So if you are considering an Individual Voluntary Arrangement (IVA) knowing what type of debt you have is important.

Posted by Chris Wrenshall at 4:11 PM

IVA : What Is A Secured Debt?

Secured debt is not admissible in an Individual Voluntary Arrangement (IVA), so knowing what type of debt you have is important.

Posted by Chris Wrenshall at 1:57 PM

IVA : What Can I Do If My IVA Fails At Its Creditors Meeting?

If your application for an Individual Voluntary Arrangement (IVA) does not pass its creditors meetingyou do still have some options.

Posted by Chris Wrenshall at 10:49 AM

IVA : What Is Equity?

Equity is the difference between the value of a property and any borrowings set against it.

Posted by Chris Wrenshall at 2:55 PM

IVA : Will The Equity In My House Affect My IVA?

The issue of equity in an Individual Voluntary Arrangement (IVA) is a very important one. The fact that there is a property involved alters the terms on which creditors will accept Individual Voluntary Arrangements (IVAs).

Posted by Chris Wrenshall at 11:28 AM

IVA : Will My IVA Be Affected If I Change My Job?

It is perfectly acceptable for you to change jobs whilst in an Individual Voluntary Arrangement (IVA)

Posted by Chris Wrenshall at 1:34 PM

IVA : Can I Take A Payment Break?

If you have agreed to the terms of an Individual Voluntary Arrangement (IVA), you have agreed to pay your creditors regular amounts at regular periods.

Posted by Chris Wrenshall at 9:06 PM

IVA : Can I Finish My IVA Early?

The normal duration for an Individual Voluntary Arrangement (IVA) is 5 years but in fact there are no restrictions on the minimum length of an Individual Voluntary Arrangement (IVA). The majority of Individual Voluntary Arrangements (IVAs) are expected to last for 5 years but the supervisor of the arrangement, usually an Insolvency Practitioner, can extend the term to 6 years and more rarely 7 years.

Posted by Chris Wrenshall at 9:30 AM

IVA : What Is An Attachment Of Earnings Order?

An Attachment of Earnings Order is a payment order set by a judge at the County Court. It can only be issued if you are employed and owe more than £50 to your creditors. The Attachment of Earnings Order lasts until the debt is satisfied in full.

Posted by Chris Wrenshall at 11:56 AM

IVA : What Is The Enterprise Act?

The Enterprise Act 2002 came into force on the 1 April 2004. It considerably changed English Insolvency Law. Since the changes the majority bankruptcies are now discharged after 12 months, whereas previously they lasted between 2 and 3 years.

Posted by Chris Wrenshall at 3:32 PM

IVA : When Am I Discharged From Bankruptcy?

The definition of the term "Discharged from Bankruptcy" according to the financial dictionary is

"The termination of bankruptcy proceedings, resulting in cancellation of the debtor's obligations".

Posted by Chris Wrenshall at 10:00 AM

IVA : What Is A Bankruptcy Order?

A Bankruptcy Order is an order issued by a County Court, or a High Court, as a result of a petition for bankruptcy by either a creditor or a debtor in order to declare an individual bankrupt.

Posted by Chris Wrenshall at 9:42 AM

IVA : Who Is The Official Receiver?

The Official Receiver, sometimes abbreviated to OR, is an officer of the Insolvency Service.

Posted by Chris Wrenshall at 3:27 PM

IVA : What Happens If I receive A Windfall Payment during my Individual Voluntary Arrangement?

When in debt, and you are in either an Individual Voluntary Arrangement or a Debt Management Plan, its natural to dream of a large windfall payment to clear your debt.

Posted by Chris Wrenshall at 6:31 PM

IVA : The Role Of The IVA Nominee.

For those people who are considering an Individual Voluntary Arrangement, also referred to as an IVA, as a solution to a serious debt problem, there is a likelihood that they will hear the term 'IVA Nominee' whilst they are researching Individual Voluntary Arrangement (IVA) facts.

Here is a brief explanation of what an IVA Nominee's role is within the Individual Voluntary Arrangement (IVA) process.

Posted by Iain Wrenshall at 4:37 PM

IVA : What Is A Debt Relief Order?

If you don't qualify for an Individual Voluntary Arrangement (IVA) or a Debt Management Plan it may be that you do qualify for a Debt Relief Order.

The Insolvency Service, the government department charged over-seeing the law and regulations in the insolvency industry, has issued a consultation paper aimed at finding an alternative to bankruptcy for debtors who can't afford an Individual Voluntary Arrangement (IVA) or a Debt Management Plan.

Posted by Chris Wrenshall at 12:03 PM

IVA : How Long Does It Take To Set Up An IVA ?

The time span on setting up an Individual Voluntary Arrangement (IVA) is not a fixed one, it depends on several factors but can be set up quite quickly if needed. The key to a successful Individual Voluntary Arrangement (IVA) application often lies in the hands of the debtor.

Posted by Chris Wrenshall at 7:26 PM

IVA : The Role Of The IVA Supervisor ?

For those people who are considering an Individual Voluntary Arrangement (IVA) as a solution to a serious debt problem, there is the possibility that they will hear the term 'IVA Supervisor' whilst they are researching the Individual Voluntary Arrangement (IVA) facts.

Here is a brief explanation of what an IVA Supervisor's role is within the Individual Voluntary Arrangement (IVA) process.

Posted by Iain Wrenshall at 5:58 PM

IVA : Who Is The Chairperson Of The IVA Creditors Meeting ?

When an IVA creditors meeting has been convened, what is the role of the Chairperson?

Posted by Iain Wrenshall at 8:46 PM

IVA : What Is A Variation Meeting ?

For those people who have come across the term 'IVA Variation Meeting', here is a brief explanation of how a variation meeting may be required within an Individual Voluntary Arrangement (IVA).

Posted by Iain Wrenshall at 6:55 PM

IVA : The Role Of The IVA Drafter ?

Anyone who has looked into an IVA, individual voluntary arrangement, as a solution to their debt problem, may have heard mention of 'The IVA Drafter'.

For those that are wondering what an IVA Drafter does, the team here at myIVA-Adviser.com has decided to give you a brief description, to help you become more familiar with the IVA process.

Posted by Iain Wrenshall at 4:46 PM

IVA : The Role Of The Insolvency Practitioner.

When exploring the Individual Voluntary Arrangement (IVA) option to your debt problems, you will hear the words 'Insolvency Practitioner' throughout the process.

Here is a brief explanation of what role an Insolvency Practitioner, or I.P., takes within the Individual Voluntary Arrangement (IVA) process.

Posted by Iain Wrenshall at 11:10 AM

IVA : Can I Still Use My Credit Cards ?

When an IVA has been agreed at the Creditors Meeting the IVA becomes a legally binding agreement.

Posted by Iain Wrenshall at 12:08 PM

IVA : How many Creditors Do I Need ?

For someone with serious financial problems, the prospects of using an Individual Voluntary Arrangement (IVA) to clear their unsecured debts is going to be dependent on whether or not their personal circumstances qualify them for an Individual Voluntary Arrangement (IVA) in the first place.

Posted by Iain Wrenshall at 2:15 PM

IVA : What Is The IVA Register ?

An Individual Voluntary Arrangement, (IVA) is a private arrangement between a debtor and their creditors.

One of the conditions of the Individual Voluntary Arrangement (IVA) will be to have the details of the Individual Voluntary Arrangement listed with the Insolvency Services.

Posted by Iain Wrenshall at 10:23 AM

IVA : Can I Continue To Trade Whilst In An IVA ?

If you are self employed, and in financial difficulties, the sense of pressure can be magnified beyond breaking point.

Not only are you carrying the day to day pressures of trying to earn a living and run a business, but you also carry the fear of financial melt down if it all becomes too much to bear.

Posted by Iain Wrenshall at 9:58 PM

IVA : How Much Debt Do I Need to Qualify for an IVA ?

Not everyone who wants to use an Individual Voluntary Arrangement (IVA) as a debt solution will be able to do so.

There are strict conditions that must be met before a person with serious financial troubles can apply for an Individual Voluntary Arrangement (IVA).

Posted by Iain Wrenshall at 8:59 PM

IVA : What Is An IVA Proposal?

Should you be looking for information about Individual Voluntary Arrangements (IVAs), you will regularly see references to the term 'IVA Proposal', and, because our mission here at myIVA-Adviser.com is to keep you as informed as possible, we thought we should give you a clearer idea of what an 'IVA Proposal' is.

Posted by Iain Wrenshall at 6:59 PM

IVA : What is an Interim Order?

When a person has decided that an Individual Voluntary Arrangement (IVA) is their preferred option to solve their debt problem, they will instruct an Insolvency Practitioner (IP) to assist them in preparing their Individual Voluntary Arrangement (IVA) proposal.

Posted by Iain Wrenshall at 10:25 AM

IVA : When Will I Stop Paying My Creditors?

During the preparatory stage of an Individual Voluntary Arrangement (IVA), the debtor will be instructed by the nominated insolvency practitioner to stop paying money to their creditors.

Posted by Iain Wrenshall at 8:36 PM

IVA : Block Voting by Creditors.

To apply for an Individual Voluntary Arrangement (IVA), a person needs to approach their creditors, through an Insolvency Practitioner, with an offer of repayment which, based on their personal circumstances, is the best offer they can afford to make.

Posted by Iain Wrenshall at 6:13 PM

IVA : Payment Problem In An IVA.

Sometimes a payment problem may occur during the term of your Individual Voluntary Arrangement (IVA).

What action can you take to minimise the damage this payment problem may cause?

Posted by Iain Wrenshall at 8:54 PM

IVA : How Will My Creditors React To My IVA?

Once a person in financial difficulties has decided on using an Individual Voluntary Arrangement (IVA) as their preferred solution to their debt problem, it is not unusual for them to experience doubts about the Individual Voluntary Arrangement (IVA) process, and how the Individual Voluntary Arrangement (IVA) is likely to be received by their creditors.

Posted by Iain Wrenshall at 3:31 PM

IVA : What is 'The Creditors Meeting'?

If you are considering using an Individual Voluntary Arrangement (IVA) to resolve your debt problem you may have heard reference to "The Creditors Meeting", and be wondering what a creditors meeting is.

Posted by Iain Wrenshall at 4:16 PM

IVA : Northern Ireland IVAs

For those people that live in Northern Ireland, and are struggling with financial difficulties, the Individual Voluntary Arrangement (IVA) still remains a possibility.

Posted by Iain Wrenshall at 10:01 PM

IVA : Can The Self Employed Do An IVA?

Being self-employed is one of the most rewarding experiences a person can have. There is nothing quite so satisfying as creating a profitable business, and facing the day to day challenges that come with it.

But the financial pressures of being self-employed can be extreme, and when circumstances conspire against you, it can be all too easy to find yourself facing a financial black hole.

Posted by Iain Wrenshall at 10:47 PM

IVA : IVAs and Student Loans.

Individual Voluntary Arrangements (IVAs) are designed to assist any person struggling with an overwhelming debt problem.

But what happens when one of the debts is owed to the Student Loan Company?

Posted by Iain Wrenshall at 11:19 PM

IVA : Debts, Secured Or Unsecured? That Is The Question.

Another good question we are asked frequently at myIVA-Adviser.com is:

"Which Debts can go into an Individual Voluntary Arrangement (IVA) ?"

Posted by Iain Wrenshall at 7:16 AM

IVA : How Do Joint IVAs Work ?

The option of an Individual Voluntary Arrangement (IVA) allows someone with a serious financial problem become debt free whilst avoiding bankruptcy. But can two people that share a serious amount of debt, but have only limited resources between them, use an Individual Voluntary Arrangement (IVA) to become debt free?

Posted by Iain Wrenshall at 5:16 PM

IVA : Can I Get A Mortgage When I Am In An IVA?

Yes, people in an IVA can take out a mortgage. However, there are few points to remember if you are considering taking out a mortgage whilst in an IVA and would like to avoid some of the pitfalls.

Read on, or click here to receive our free guide on how your property is affected by an IVA.

If you prefer, you can contact one of our experienced advisers on 0800 088 7503 or visit myIVA-Adviser.com for specialist information on IVAs.

Posted by Iain Wrenshall at 9:08 PM

IVA : Can I Apply For A Loan When In An IVA ?

An Individual Voluntary Arrangement (IVA) is a legally binding agreement that assists someone with an overwhelming debt problem to become debt free.

Posted by Iain Wrenshall at 8:55 PM

IVA : Will I Have To Attend Court To Do My IVA?

The simple answer to the question is NO you will not need to attend Court whilst applying for an Individual Voluntary Arrangement (IVA).

Unlike with the Bankruptcy process which does require a person to attend Court, an Individual Voluntary Arrangement (IVA) does not require the applicant to attend Court.

Posted by Iain Wrenshall at 7:19 PM

IVA : How Much Will My IVA Monthly Repayment Be?

Each IVA or Individual Voluntary Arrangement is unique.

Each person that enters into an Individual Voluntary Arrangement has personal circumstances different from anyone else.

Posted by Iain Wrenshall at 10:33 PM

IVA : Can An IVA Include A CCJ ?

A County Court Judgement (CCJ) debt can be included in an Individual Voluntary Arrangement.

The ethic of fair treatment for all unsecured creditors that surrounds an Individual Voluntary Arrangement insists that no one creditor should be given priority over another, even when that priority is a CCJ.

Posted by Iain Wrenshall at 6:16 PM

IVA : Whats The Legal Position Of An Individual Voluntary Arrangement?

An Individual Voluntary Arrangement (IVA) is a legally binding agreement between a debtor, (a person with debts) and his creditors (the companies that he owes the money to).

Posted by Iain Wrenshall at 7:28 PM

IVA : How Long Does It Take To Set Up An Individual Voluntary Arrangement (IVA)?

When you realise that you have a serious debt problem, it is quite natural to look for the quickest debt solution, to ease the anxiety of your situation.

This anxiety is based around seeking protection from your creditors.

Posted by Iain Wrenshall at 6:11 PM

IVA : Do I Need To Open A New Bank Account For My Individual Voluntary Arrangement ?

In most Individual Voluntary Arrangement cases it will be necessary to open a new bank account, and usually, the sooner the better.

This is because, in the majority of cases, people with debt problems have at least one debt with their current preferred bank.

Posted by Iain Wrenshall at 11:05 AM

IVA : Who Pays The Bill For My Individual Voluntary Arrangement?

"Who pays the bill or fees for an Individual Voluntary Arrangement ?" is a very natural question to ask oneself, especially if you are considering using the Individual Voluntary Arrangement process to become debt free.

Posted by Iain Wrenshall at 1:20 PM

IVA : How Will An IVA Affect My Credit Rating ?

Firstly, get your credit file here

Posted by Iain Wrenshall at 4:57 AM

IVA : IVA or Bankruptcy, Which Is The Best Solution For Me?

This is one of the most important questions facing people with a serious debt problem and, to be honest, it can be an extremely difficult question to answer.

Often people who are in this situation believe that Bankruptcy is their only option, and are often unaware that an Individual Voluntary Arrangement even exists, as a viable alternative to Bankruptcy.

Posted by Iain Wrenshall at 5:25 PM

IVA : How Will An Individual Voluntary Arrangement Affect The Equity In My House ?

The way that an Individual Voluntary Arrangement affects the equity in a family home can have a serious impact on the decision as to whether an Individual Voluntary Arrangement is a realistic solution for people with serious debt problems.

Posted by Iain Wrenshall at 8:45 AM

To discuss your circumstances with a qualified IVA specialist call myIVA-Adviser.com now on 0800 088 7503


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