Losing your job can be a big problem for your IVA unless you can get a new job quickly. Having redundancy pay can help through this period - but some of your redundancy pay may have to be paid into your IVA. Here I'll describe what the 2016 IVA protocol Individual Voluntary Arrangement says. Most IVAs have similar provisions for redundancy. It's a good idea to check your own IVA paperwork and, … [Read more...]
Articles about what happens in an IVA
This page, and the following ones, list all Debt Camel articles about the practical aspects of IVA - from what happens at your first annual review to what you can expect after you make your last payment.
Also read Debt Camel's Guide to IVAs which gives an overview for anyone thinking of starting an IVA. IVAs are great options for some people, but they are too often "sold" as an easy, affordable option to people who have better alternatives for sorting out their debts. Do your research!
If you are interested in debt policy and news, look at the IVA News Archive.
How long do IVAs last? And how many fail?
If you are thinking of starting an IVA, you will hear that IVAs last for five years, sometimes six. But find out the facts - as that is misleading. The IVAs may have been expected to last for five or six years at the beginning, but payment breaks and extensions mean that many last for much longer. The Insolvency Service's IVA Outcomes - 2018 has data about how many years IVAs usually last … [Read more...]
Don’t get an IVA if you expect to move house
A reader asked whether an IVA was suitable for her. As part of that she said: I am hoping to move in with a new partner later this year. I would have to pay more rent and bills but I would have lower petrol costs as he lives very close to my work. It is usually a bad idea to set up an IVA when you expect your living costs to change a lot in the near future and it is not certain what they will … [Read more...]
Your IVA annual review – what happens?
A reader asked: I’m worried about my first IVA annual review. How much detail will they go into? I've found the year tough with a few car problems. I switched gas and electric to try to save money but it hasn't helped much. This is one of the many IVA issues where I have to start by saying that there is no definitive answer for everyone. It depends on the terms of your IVA, your IVA firm, your … [Read more...]
Making bankruptcy look more scary than it is
It's natural to feel worried about bankruptcy, but some websites set out to make it sound a lot worse than it is. Some of what they say is simply wrong. Other bits may be right but they leave out important facts, so the issue sounds more difficult than it is in practice. And it's common for problems associated with bankruptcy to be listed in detail, but very similar points … [Read more...]
What happens after an IVA fails? What can you do?
Your IVA seemed like the perfect solution when it began, but now it's failing. Will you be back to square one and have difficult creditors to deal with? Or could you even be made bankrupt? First, there may be ways to rescue your IVA An IVA failing may not be a disaster, for some people there are better options! That's what the rest of this article looks at. But don't assume nothing can be … [Read more...]
Claiming PPI after a very old failed IVA
Here is a PPI after IVA issue to disentangle: Mr S wrote: I had an IVA which failed after two years more than 10 years ago. After it failed I had a CCJ and a debt collector contacted me. I cleared both of those debts and then worked on repairing my credit score. I’ve now had a successful PPI claim against bank X but they won’t release the cheque to me as I was in an IVA. I have found out … [Read more...]
What happens when you can’t afford IVA payments
If you can't make the payment to your Individual Voluntary Arrangement (IVA) this month, don't panic! There may be options for you to cope and get your IVA back on track. This is very common - five or six years is a long time for everything to go smoothly in your life. It is difficult to generalise about IVAs because they really can be "individual". This article looks at the sorts of … [Read more...]
Should I end my IVA and change to a DRO?
If you are struggling with your IVA payments, you may be wondering if you can switch to a Debt Relief Order (DRO). Your IVA may have been sensible when it was started, but a change in circumstances (pay drop? new baby? separation?) may now be making it hard to afford the payments. Or perhaps a DRO would always have been better than an IVA for you - quicker, cheaper, less risky - but no-one … [Read more...]
When will my credit score improve after settling my IVA?
A reader who has settled his Individual Voluntary Arrangement (IVA) early asked: My IVA is still showing on my credit history. The start date was January 2014. I have been removed from the Insolvency Register. I have now [mid 2018] been told that I have to wait for another 18 months before the IVA will be removed. Is that right? I am sure you have heard it all before but none of this was in … [Read more...]
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