The IVA Protocol 2021 was published in April 2021. This replaces the old 2016 Protocol which should not be used for new IVAs after 1 August 2021. The terms of IVAs already in progress are not affected by the new version. The new Protocol aims to be easier to understand for people in debt - for example "debtor" has been replaced by "consumer" and it has been put into the typical "gov.uk … [Read more...]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.
Covid-19 & help with your IVA – what happens when IVA payment breaks end?
Many people with IVAs found their finances were badly affected by Coronavirus in 2020 and 2021. In April 2020 the Insolvency Service issued guidance giving extra flexibility for Protocol IVAs where the borrower has problems because of Coronavirus, see Coronavirus (COVID-19) Guidance for the Straightforward Consumer IVA Protocol. From August 2021 it continues in a reduced form to December … [Read more...]
Bonuses & pay rises – what happens if you are in an IVA
A reader asked about a friend who is looking at an Individual Voluntary Arrangement (IVA): Mr X is 23 and owes just over 10k on various credit cards and loans. He earns £20k and hopes to get a £10k bonus this year. The IVA firm says the bonus doesn’t matter as it's not guaranteed. But won't the IVA take half of it? Would it be better if he got a job with a larger basic salary and no bonus, or … [Read more...]
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. An IVA 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. And government statistics show that increasing numbers of IVAs aren't getting to the end at … [Read more...]
New DRO rules – should I end my IVA and change to a DRO?
From 29 June 2021 the rules about who can have a Debt Relief Order (DRO) are being relaxed so a lot more people will qualify. For example, under the old rules your debts had to be less than £20,000 - now they can be up to £30,000. And other DRO criteria have also been widened. The Insolvency Service thinks an extra 13,000 people a year may now qualify for a DRO. Are you one of them? If you are … [Read more...]
How to choose an IVA firm
Which are the best IVA firms to talk to if you are interested in an Individual Voluntary Arrangement (IVA) and whether it is a good debt solution for you? If you put IVA into Google, how do you decide which of the tempting see how much of your debt you can write off links to click on? Or you could choose the person that cold calls/texts you telling you about a little-known government … [Read more...]
Pregnant and can’t afford your IVA?
Abby is pregnant and worried she won't be able to afford the monthly IVA payments: My IVA was set up at the start of 2020. There are four debts in it, totalling £13,000. All the debts date from a previous relationship, my new partner doesn't have a debt problem. My IVA payments are £90 a month. I've managed so far, but I now need to buy things for the baby - cot, buggy etc. We are renting and … [Read more...]
Major changes for thousands of customers with Aperture & Vanguard IVAs
In Autumn 2020 two of the largest IVA firms have recently announced the latest in a long line of customer transfers within the industry: all Aperture's open IVAs have been sold to Jarvis Insolvency; and Vanguard's open IVAs will be administered by Ebenegate. UPDATE: In February 2021 Jarvis rebranded and it now calls itself Debt Movement. Sale of Aperture's IVAs to Jarvis On 5 … [Read more...]
“On furlough, now redundant – what about my mortgage & IVA?”
A reader, Mr D, asked: I am being made redundant, no redundancy pay as I didn't work there long enough. We have managed my IVA payments when I was on furlough by taking a mortgage holiday but that is ending and now our household income will be halving. We will struggle to pay the mortgage let alone the IVA. My partner earns too much for me to get any benefits. I know I have to tell my IVA, but … [Read more...]
Aperture – no longer taking new IVAs from June 2019
UPDATE in September 2020, Aperture sold its 25,000 open IVAs to Jarvis. See Major changes for thousands of customers with Aperture & Vanguard IVAs for details. Aperture has told many debt advisers it will not take referrals for Individual Voluntary Arrangements after the end of June 2019. The debt advice firms received an email saying: I write to inform you that Aperture Debt … [Read more...]
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