This post was written based on statistics published in 2022. Since then, statistics have been complicated by the special measures during COVID that temporarily prevented many IVAs from failing.
Statistics published in early 2024 show:
- one in three (33%) IVAs that started between 2016 and 2018 failed
- of IVAs that started in 2022, 5.6% failed in the first year. This was about the same as the previous year.
- of IVAs that started in 2021, 14.4% failed in the first two years. This has got worse from the previous year.
We won’t know the final percentage of how many IVAs that started in 2021 onwards fail for several more years. The Insolvency Service says there are “preliminary indications of a decline in lifetime termination rates” down from the one in three failure rate. This should be clearer in 2025.
Government statistics show many IVAs do not complete. They fail, leaving the borrower back with their debts.
If you are thinking of starting an IVA, you need to know about these IVA failure rates.
Contents
How many IVAs fail?
The IVA Outcome Statistics show how many IVAs succeed – get to the end and complete properly, with any remaining debt being written off.
It is inevitable that a few IVAs will fail. In a five or six year contract, unexpected things can happen. That isn’t the fault of the IVA firm if at the start of the IVA it looked likely to go well – it’s just life.
But the recent trend is that a lot more IVAs are failing, some in the first few years, and that isn’t good. It should be very unusual for an IVA to fail in the first two years.
This is what the Insolvency Service says:
The [failure] rate of 32% for IVAs registered in 2016 was the highest since 2009. Because 38% of IVAs in 2016 and 60% of IVAs in 2017 remained ongoing as at 31 December 2021, these numbers are likely to increase further.
It also points out that:
Historically, lifetime termination rates have typically been approximately 5-6 percentage points higher than the rate after four years.
So the final failure rates for IVAs started in 2016 and 2017 are very likely to be more than a third.
Termination rates fell during the pandemic because emergency provisions allowed people to have much longer breaks. This has distorted the statistics – it will be longer before these IVAs finish and until then more will be failing now these emergency breaks have ended.
Why have failure rates been increasing?
1) An IVA was never suitable at the start
One reason for the high early failure rates is likely to be that too many people are being sold an IVA that is not the best debt solution for them. They should have had a Debt Relief Order or gone bankrupt instead.
The FCA is trying to tackle the problem of very poor “advice” by some firms but the FCA only regulates a part of this market – the Insolvency Service needs to take more urgent action to control mis-selling.
Stepchange – an IVA provider with a better failure rate than most – has made the following sensible suggestions:
the current review of insolvency practitioner rules (SIP 3.1) must result in a stronger requirement for individuals to have received appropriate advice before being referred.
Monitoring of large providers should also be increased, with efforts to encourage more robust action — including publishing termination rates by firm.
The Insolvency Service could also work with creditors, advice providers and agents to help them identify IVAs which should be flagged as high risk and not be approved.
I think publishing firms’ failure rates is an essential piece of information. Why should customers have to choose blind, without knowing what this is when they decide to apply for an IVA?
2) More low-value IVAs
Another is that there are now a lot more IVAs set up with low monthly payments. These IVAs are much more vulnerable if your hours are cut or your energy bill doubles:
- if you are paying £350 a month, there is room for your monthly payments to be reduced;
- if your payment is only £120, there is little room to cut it much, so your IVA is much more likely to fail.
Inflation is likely to make failure rates worse
The number of low value IVAs is especially concerning in 2022 as inflation heads much higher. This will mean that many – possibly most – current IVAs will be under pressure this year as I suggested in Debt advice in an age of inflation.
I think this requires a radical rethink of IVAs. If someone has been doing their best and the only reason their IVA is in trouble is because their expenses have gone up much more than their wages, then their IVA should not fail. And it should not be extended for more years. Instead their IVA should be completed and the debts in the IVA should be written off.
This is possible at the moment, but it requires creditors to approve it in a vote. That needs to be changed so that it is the automatic option in this situation.
But if you are looking at an IVA at the moment, you can’t assume that this change will happen. You need to look vary hard at what you are being asked to pay a month and how affordable that will be if petrol goes on up and energy prices, set to jump in April 2022 also go up a lot more in October 2022.
How long do IVAs last?
Many IVAs go on for more than the five or six years the original IVA said. This can happen where there has been an agreed payment break. Or when someone hasn’t reported extra income such as overtime.
At the end of 2021, 5% of IVAs started in 2014 and 17% of IVAs started in 2015, had not yet finished.
This is what one Debt Camel reader said:
IVA’s were supposed to be a way of getting debt free, not keeping you in insolvency for as long as they can. After 75 months of paying for this and a further 3 already waiting for news of closure I am sick of the stress of it all.
That is a pretty common reaction. Many people feel their life is just on hold in an IVA, for year after year:
- they will find it impossible to get a mortgage or a remortgage;
- it may be very difficult to get a tenancy if they need to move, unless they have a guarantor;
- the longer their IVA goes on, the older their car, white goods and furniture gets.
So if you are trying to decide between an IVA vs a DMP, or an IVA vs bankruptcy, you can’t assume that an IVA will be over in five years – often it won’t!
Choose a firm with a low IVA failure rate
Your proposed IVA payment may sound affordable, and a lot less than the normal repayments to your debts. That doesn’t mean it will still be affordable in a couple of years time.
The high failure rates show that for too many people their IVA has turned into a disaster. When an IVA fails, you are left back with your debts. Very often most of your IVA payments have gone in fees and not reduced your debts much.
StepChange publishes its rates and they are much lower than average. So talk to StepChange about an IVA – if they don’t think it’s a good idea, it may well be that the advice from a different IVA firm is too optimistic and not in your best interest.
In late 2022, StepChange are proposing a “mass variation” on all their IVAs to give them greater flexibility to reduce payments because of the cost of living crisis. This should help ensure that fewer of their IVAs fail because or petrol, energy, food and rent/mortgage cists going up.
What happens in an IVA annual review
Your options when an IVA fails
Could a Debt Relief Order help you?
Gary says
I’ve just finished mine 5 years plus 1 the one year equity 6 in total …
Got to say it’s been the most restrictive 6 years of my life and it hasn’t finished yet as it’s still sat on public records no response from the my paractioner for completion certificate
My car is 17 years old and hammered costing me 1500 a year to maintain my IVA was set at 30 for car
My IVA utiiies was set 100 a month it’s just gone up to 248 so my IVA 150 money will now go on utilities
I am under no illusion that mine would have failed in this correct climate can’t pay wat u haven’t got
Nick Pearson says
IVA’s are probably the best solution for many debtors but the providers are, on the whole, totally unscrupulous fraudsters. It is a scandal that IVA providers have such light touch & ineffective regulation. The current regime is a charter for poor & negligent advice. The 5 typical year term of an IVA is only in place because it is the only way to repay high fees and a return to the creditor. The legislation sets no term for an IVA. It is one of the great regrets of my ‘career’ in debt advice that I couldn’t get my fee free IVA off the ground due to lack of funding. A fee free IVA would on average payments repay as much, if not more, to creditors over 2 years than a typical IVA over 5 years. I also advocated 25 years ago for CitA and AUK etc to set up their own IVA provider – fee free.
Gary says
Yeh mine was 6 years at 150 I think I was about 44k ..so paid back 9k ish
Looking at my summary about half gone to practioncer Inc of the 1500 referer fee
If like to see more flexibility in the 10% uplift especially for those like me on minimum wage with four children I avoided doing overtime as it was pointless I would like to think you could put the overtime in and repair the car or save a better one
You do s 12 hour shift extrs Nic plus tax then they want 50 cut yon end up with about 20 in your hand for a 12 hour shift
Sarah says
I’m 2.5 years in and already feel so suffocated.
Does anyone have any good news stories about an IVA ending on time with a timely completion cert?
Sara (Debt Camel) says
Oh yes, they happen. But those people then get on happily with their lives, they probably aren’t posting on here.
So your payments are at the moment manageable? What about come April, are a lot of your bills increasing then?
Sarah says
Thanks, glad to hear that, I live in hope I won’t get screwed over at the end. As I’ve used a for-profit company stupidly.
I’ve cancelled sky tv, which should offset most of the energy increase in April. I’ll have to see what happens in October and maybe have another juggle around with outgoings if necessary.
Thank you :)
Sara (Debt Camel) says
how much are you paying a month?
Gary says
My last payment was 10th Feb 2022 and i was with mcanvridge Duffy who are supposed to be 1 of the more ethical so I’m hoping for a timely Completition
I would say one of the things to watch in the is make sure your default dates are recorded on your credit file as close to your IVA start date
I have had issues with Santander who defaulted me 6 months after and it’s took.me 6 months to get it corrected
So potentially 6 years IVA …and 3 months completion ..and then a load of emails to sort out any wrong default dates
7 years of restrictions potentially
During that time to hold things together ..if your as family and unit is hard when your kids are asking why they don’t get a holiday your car’s are bangers and now cost of living war I will bet those attrition rates go to 50 ,% tuff times ahead
Malcolm Hurlston says
Are insolvency practitioners professionals or not? If they are, the Insolvency Service should plan to publish failure rates by practitioner, rather than by firm. Then the customer would enjoy an even clearer choice.
Sara (Debt Camel) says
yes and no – a lot of IPs sell on their IVAs quite soon after they start. So their record may look great as none have failed by then!
Jb says
I’ve had my Iva for 6 years now, I was unemployed single mum when I first got it and now it’s coming to an end they want me to pay £4000 more as they say my expenses have improved as I have a job now, they haven’t taken into consideration cost of living, feeding and clothing my child, school expenses and just the cost of life in general, I feel suffocated by this Iva and wish I never got it I’ve struggled to find housing and have actually been homeless due to this issue I just want it completed but they seem to keep finding excuses not to. They wanted all my payslips and expenditure form last year I sent it all over in December and only heard back from them yeastier to say I still owe £4000 even thought my expenditure showed I was -322 each month so I don’t see how my finances have improved I just don’t know how to get out of this and feel helpless
Sara (Debt Camel) says
who is the IVA firm?
have you asked them for a breakdown of how they have calculated the £4000?
have you had annual reviews during the IVA – what did they say?
when did you get the job?
(sorry for all the questions!)
Jb says
I got a job a few months after starting the Iva, I’ve only had 1 review and that was last year as the company was taken over, I’m with debt advisory (financial wellness group) they get nasty when I ask too many questions and made out like it’s all my fault, they just say the calculation is from the fact I’m earning more money now.
I got the job a few months after I started the Iva, I’ve only had one review which was last year as the original company got taken over back then they said I only had £1000 left to pay so I paid extra every month to get it paid, I asked for a breakdown and they said it’s because my income is greater then when I started so my new outstanding balance is £4000
Sara (Debt Camel) says
Financial Wellness Group don’t have a bad reputation.
Did you have any assets to protect when you went into the IVA?
how large were the debts that went into your IVA? how much have you paid to the IVA so far?
(I am looking for options about what you can say to complain. You definitely need to be asking for a breakdown in writing of how they calculated this. It’s a question of what else to say at the same time.)
Jb says
I’m with debt advisory (financial wellness group) no I had no assets my car was old and I rented my house and I had no money in the bank. The debt was £15k I’m not sure how much I’ve paid I think about £7k if I remember from the review. Thank you for trying to help me
Sara (Debt Camel) says
thanks, sorry I missed an early post.
one final question – what are your current repayments and are they affordable, given that energy prices, national insurance, council tax, broadband, mobile, petrol food are all going up now or will in April?
Jb says
I was originally paying £70 a month and then increased it myself to £130 as I wanted it paid off but now they want this £4000 paid off in a year and I can’t afford £300 a month
Sara (Debt Camel) says
£300!
Is the £130 affordable honestly from next month? Have you looked at how much everything is going up?
I suggest you reply by email saying:
1) you were mis-sold this IVA at the start as no-one explained to you that you would qualify for a Debt Relief Order or that bankruptcy would be much cheaper than an IVA
2) last year at your review there was no mention of owing such a huge amount as £4000
3) you don’t believe the £4000 has taken into account your increased expenses over the last 5 years
4) your costs are going up in April …. gives details…. you can not possibly afford 3£300 a month and are unsure if you can even pay the current £130.
5) you would like a full explanation of how the £4000 has been calculated, taking into account your increased expenses
6) if FWG persist in saying you owe this, you would like your creditors to be informed of all of these points and to be asked to vote on completing your IVA now on the basis of the funds paid to date
Jb says
Additional Monies
25.76
25.76
Contributions
1,292.24
4,970.00
TOTAL RECEIPTS
1,318.00
4,995.76
Payments
For period
As at 24 Jun 2021
Nominee’s Remuneration
0.00
1,000.00
Supervisor’s Remuneration
197.70
599.36
Disbursements
129.58
1,611.38
Distributions to Unsecured Creditors
676.81
1,366.16
Held
214.03
318.98
VAT
Total Payments
1,218.12
4,895.88
Balance in hand
99.88
This is the only breakdown I’ve had
Jb says
Can they complete it? FWG just leave me in limbo for months with no answers it’s frustrating I chased up 4 times in December and January only to be told they haven’t reached a decision yet and then it’s the same outcome, they want another expenditure for and proof that I’m struggling per every change from 6 years ago so I shall include your points when I send this over if that is ok?
Sara (Debt Camel) says
yes if they think having reviewed your expenses you haven’t had that much surplus income.
Add to those points that they are taking an unreasonable time to resolve this.
Jb says
So I asked for a breakdown and apparently it’s because I went from being unemployed to employed and this is their 50% of the total that should be theirs from my earnings this is after the expenditure they have with me having -322 each month so I’m still none the wiser how they expect me to pay this back
Sara (Debt Camel) says
So reply to them that is unreasonable as the figures show you had no spare income at all, and increases in expenses have to be taken into account as well as increases in income.
Who is now your Insolvency practioner? You should have been given a name when your IVA was transferred to FWG. Does Catherine McNeill or Derek Bellingham sound right?
Joanne says
I am about to enter into year 5 it’s due to finish in March 2023 but extended due to 7 payment breaks.
My question is would I have to another review or will this be the final one and they just add missed payments ?
Il also have to try the remortgage thing I’ve rang step change there is a clause to get out if the payment matches the extra 12 months my brother is going to help if that’s the case.
Step change have been good but it’s been the most restrictive 4 years of my life I hate it and I inherited the debt when my partner left (all in my name) I didn’t have any choice there’s no let up x
Sara (Debt Camel) says
how many months payments breaks have there been?
The current payments, are they affordable now? Will they be in April when energy bills, council tax, national insurance, broadband, mobile etcall go up? And of course food and petrol are also increasing?
Joanne says
So original IVA finish date – march 2023
New date December 2023 – 8 missed payments
Then a possible extra 12 months due to remortgage request it’s never ending !
Repayments are £335 but my utilities have gone up £100 month this month more increases to follow….relentless.
Sara (Debt Camel) says
ok so my suggestion is that you need to ask StepChange to reduce your monthly payments because of the utility increases. Make a list of the ones that have happened and the ones that are coming up in April. Also your NAtional Insurance will be going up in April. If you have a car, allow for petrol increases. And sat how much your food shopping has gone up.
And anything else that applies to you – rent? council tax?
If you can get the current payments down by £100-£150 then that will mean the extra 12 months costs you less as well.
Joanne says
Fab thanks Sarah…..also this is technically my last review as I am going into year 5, will I have to do another review next March ? This is when it should technically finish but there are 8 months missed payments? That’s without the extra remortgage payments should they apply.
Thank you x
Sara (Debt Camel) says
I don’t know – ask them.
Sara (Debt Camel) says
and do come back if StepChange won’t agree to reduce what you are paying below the 15% point.
Joanne says
So my review is done my available budget is £220 but my 15% below threshold is £290 – they have asked me to try and manage because they said if they have to go back to creditors they are likely to ask me extend and add 12 months on !!! I mean who’s side are SC on ?
Start date March 2018 end March 2023
Missed payments end December 2023
Mortgage review December 2024
It’s never ending I’ve never felt so trapped I don’t know what’s worse being left with £44k debt or being in an IVA
Sara (Debt Camel) says
I think you should go back and say you want your creditors to be asked to approve a reduction to £220 as you cannot afford £290, and you also want them to be asked not to extend the time as you think this is unreasonable when you are doing your best and already have needed an extension of 8 months.
PM says
I am 6 months of off finishing a 5 year IVA. They want me to release £15k equity even though the remaining debt that should be wiped off is just over £10k. Mortgage finishes in 16 months so they want me to remortgage. My problem is the mortgage would extend for a further 16 months and I am separated from my husband. He will not sign to remortgage as he says the debt is mine not his. I have tried to get a loan but it would have to be in joint names and again he will not agree. I have informed my IVA company (Creditfix). I have received letter saying if not resolved the would have to fail IVA and make me go bankrupt. Even though we are separated he still pays his half of the mortgage so my daughter and I have somewhere to live. Please do you have any advice.
Sara (Debt Camel) says
Some questions – which may not sound relevant but the answers may be very important for you.
How large were the debts that went into your IVA and how much will you have paid in at the end of the 5 years?
The current IVA repayments – how large are they? Are they affordable at the moment? Will this change next month when energy bills, council tax, national insurance, broadband, mobiles all go up? And of course petrol has already gone up and food?
Emma says
I will be 3 years into a 6 year IVA with Hanover come this November. I pay £150 per month. My earnings are on average £1000 and this is topped up by universal credit, averaged at £600 (always balancing out differently depending on earnings. I rent privately. My 18 year old leaves college this summer which means child benefit and universal credit ends. Should I enquire with Hanover over possible funds paid to date basis? My son pays board from his part time job but that’s only £50 per month. Just sat down and looked at the figures and I will literally be in the minus, never mind a possible surplus £75 for DRO option.
Sara (Debt Camel) says
Are you buying or renting?
Why is your IVA 6 years and not 5?
My son pays board from his part time job but that’s only £50 per month.
is this the 18 year old still at college?
Emma says
I am renting. 6 years because my son might leave full time education eventually and my benefits might be adjusted accordingly (stated at time of the meeting). Yes board is from 18 yr old still at college
Am a single parent also
Sara (Debt Camel) says
Ok then I suggest you talk to National Debtline on 0808 808 4000 now about whether you qualify for a Debt Relief order now, or next month when so many bills go up or this summer when the child related benefits end.
Once you know that, you can then talk to Hanover.
if you already qualify for a DRO, say you have been told by National Debtline that you qualify for a DRO and that thuis will get worse will bills going up and you losing benefit income in the summer. Ask for your creditors to be asked to approve the IVA being completed on the basis of fi=unds paid to date, otherwise yourIVA will fail. Don’t accept a 3-6-9 month payments break, you want this sorted, not postponed.
If you will qualify for a DRO later, go back to Hanover and say you need the IVA payments reduced to £100 (or whatver National Debtline suggests) as your expenses have gone up. Add that you probably won’t be able to afford this from the summer as your benefit income will then reduce.
Emma says
Thank you for the above advice. I have contacted National Debt line and they have informed me that I do qualify. So I have contacted Hanover to see if they will end IVA on funds paid to date basis….waiting….gulp. If they say no I will ask for termination and then go through the DRO process. It’s quite stressful. I will update here as it could be useful for others
Sara (Debt Camel) says
yes it is stressful – but not as bad as trying to pay an unaffordable IVA for the next few years!
Martin Pope says
Can I ask that if you’ve been on an IVA for half a year, been keeping up your payments, then your income suddenly increases due to new employment: can they make you pay more in, or can you choose to keep it the same?
Martin
Sara (Debt Camel) says
If your income goes up then unless your expenses have also gone up by the same amount, your IVA payments will go up.
Emma says
Hi Sarah, what is a reasonable time frame for Hanover to get back to me about my request. So far, nothing. I did call as well and sent follow up email- was informed someone was looking at it. It’s coming up to the £150 payment again. I wonder if they are delaying to receive that?
Sara (Debt Camel) says
Well it has only been a week, however as you have said you are in difficulty they should be looking at this as a matter of urgency.
National Debtline have said that you qualify for a DRO now, haven’t they? So £150 is unaffordable and i don’t think you should pay it. If Hanover agree to complete the IVA, then I don’t think it will make a difference if you have missed a payment. And if they don’t, then you want the IVA to fail so you have to miss three payments.
I suggest you phone them up again and say unless you get an immediate response you will be cancelling the payment because it is unaffordable.
Emma says
Update, but no outcome yet. I really have to keep emailing and calling to get any info otherwise I wouldn’t know anything! A meeting with creditors has been requested – don’t know when that will happen- and they have made notes to suggest funds paid to date basis. Have not been able to make this month’s payment. They seems extremely busy with cases and I suspect I’m not the only one
Emma says
So, after a long wait and three months of not being able to make payments, Hanover have called to say that the creditors have rejected ending IVA on funds paid to date basis as “anything can happen to your finances this year” and that I should call each month and keep asking for a payment break if I need it. I must admit I’m pretty upset about that, but I guess the best course of action would be to get a DRO in motion.. .
Sara (Debt Camel) says
Anything can happen. Sure, you may win the lottery…
That is disappointing. I had hoped creditors will start to take a more reasonable approach with failing IVAs. But yes, get back to National Debtline and say you would like to fail the IVA and have a DRO.
Joanne Patterson says
So I’ve just received a letter from a creditor advising they have not been sending me annual statements and under the CCA they should have been so to rectify this they are wiping the original debt.
Is this the case for all creditors even if I’m in an IVA ?
Thank you x
Sara (Debt Camel) says
This sounds like they haven’t been sending out a Notice of Sums In Arrears letters (NOSIA). If a creditor doesn’t do this for CCA debts (loans, credit cards, catalogs, HP) then they can no longer charge interes – see https://debtcamel.co.uk/santander-credit-card-nosia-refund/ which looks at a refund case.
If a creditor hasnt sent out NOSIA letter, they do not have to wipe the debt – they have to refund the interest from the date they should have started sending the letters.
My guess is this creditor decided it was simpler to wipe the debt but they don’t have to do this unless the refund is more than the debt.
So it depends on the debts in your IVA – if your creditors weren’t charging interest at the start of the IVA or stopped charging interest when the IVA started, then there is nothing to be refunded.
Clare says
My husband and I are separating. We have 26 months left of the 5 years on our IVA.
I had thought that maybe I could ask a family member if they could offer our creditors a lump sum of the amount left or the other option would be to continue as it is. But how would this work if our finances will be separate?
Sara (Debt Camel) says
are you buying or renting? are the debts fairly evenly split between you? IS one of you or both of you going to have to move?
have you asked Drafty for a statement of the accounts, showing all the movements?
Clare says
Sorry if this isn’t the right place to ask this question. We are approaching our end of year four review.
We have a modification on our IVA that states when our son turns 18 any board should be paid into the IVA.
Currently our son is working 8 – 12 hours a week, he’s asked for extra hours but like many retail shops cutbacks are being made and he’s lucky if he gets anything over the 8 hour a week contract.
So on emailing Stepchange they have said that the modification is unlikely to be removed, I didn’t ask for that anyway but I am supporting my son with respect to a home, meals and some clothing for interviews etc. His wages are covering his car costs, phone and other expenses. As a newly passed driver his car insurance is high as you’d expect.
My only option is to increase the payment by making somehow, cuts to our budget.
I do however question the logic of paying any board payments to the IVA when our household costs remain the same regardless of how many people are living here.
So on top of losing an amount of Universal Credit and child benefit we also have to lose an amount to cover board.
During our IVA our marriage has fallen in to difficulty and neither of us want this IVA to fail. I have reluctantly asked my mum if she could gift us an amount to end the IVA early but this isn’t possible.
Could you please advise how to approach this.
Sara (Debt Camel) says
How much are you currently paying a month? How affordable is this?
Clare says
We are currently paying £169. Currently affordable and with now not having to pay his train fares we could potentially pay an extra £100 a month.
He has an apprenticeship starting in September that would mean he would be able to pay board as he’d be full time.
Sara (Debt Camel) says
So it would be reasonable to say that so far your son has earned so little he is not paying you any board even though you now no longer receive child benefit or Universal credit for him. But you expect this to change in Sepetmeber when he stats an apprenticeship and when you know what his income is you will revise this and get back to StepChange?
Clare says
Yes, that is what I stated to them in my email. I understand he should pay board and I’m not refusing the increase in payment as it was a modification added at the commencement of the IVA that we accepted.
Unfortunately in taking on these five year commitments we don’t consider how much life can change in that time as you’re desperate for a solution. However with hindsight I wish we’d opted for bankruptcy as that was an option too and my husband wasn’t keen.
Sara (Debt Camel) says
Bankruptcy would have been all over and done with by now 😠
I suggest you reply to them that either they can agree to temporarily reduce your normal IVA payment by 15% and you will then may that 15% extra as “board”, or you would Like your proposal to start paying “board” from September put to your creditors to vote on.
Peter says
i had an IVA with Credit Fix from 2011. This was completed satisfactorily in 2017. The process was quite hard to live with at the time but worked for me and provided peace of mind that all previous debts had been covered upon completion.
Stacey says
Im currently pregnant and worried about the final review of my iva, i have 6 months left if my iva would it be worth offering a lump sum of the amount i have left to pay or is it too much hassle, my mom has said she would gift me the amount so im not stressed about my iva during my pregnancy
Sara (Debt Camel) says
I think this is too late to bother with. It takes several months to get sorted and some IVA firms charge for this. The final review is done even if you do get a settlement agreed, so if you are worried you haven’t paid enough, that will come to light anyway.
If money is tight at the moment, your mum could fight you the money each month for the IVA fees?