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...]
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.
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...]
What happens when you can’t afford IVA payments
UPDATE - CORONAVIRUS See Coronavirus – new rules to help people in IVAs for the extra help available until April 2021. 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 … [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...]
Overtime & new baby costs – how do these affect an IVA?
A reader, Mr G, asked: I’ve had a lot of overtime recently covering for someone at work who was very ill. This has come in handy as it coincided with my wife’s maternity leave and the extra expense of a child. Will my IVA expect me to pay them the overtime money after my annual review in a couple of months? Overtime and IVAs As with many questions about Individual Voluntary … [Read more...]
Car finance – what happens in an IVA?
Cars on finance can be a difficult problem if you are thinking of an IVA or already in one. And with more than a million cars a year in the UK being bought on finance, this is an increasingly common situation. It can make a big difference if you are leasing a new Range Rover or if you have a 5 year old small hatchback on HP! You will need to talk to your IVA firm about your particular … [Read more...]
ClearDebt trying to get PPI from closed IVA cases
A couple of readers have asked about a letter they have received from ClearDebt about their IVA which finished years ago, so I guess a lot of people are getting a similar letter. Here is one of the comments: I started IVA in 2007 and completed it in 2012, getting my completion certificate. I've just had a letter from Clear Debt who was one of many companies handling the IVA as we were being past … [Read more...]
How to choose an IVA firm – at last some useful information!
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...]
Tax debts – should I go for an IVA or bankruptcy?
A reader asked: I'm thinking about an IVA. I've got 8k of credit card debt and overdrafts but I owe a lot of income tax and VAT. Probably a lot over 20k but I haven't filled out any tax returns for years. Do I have to get the exact tax owed when applying for an IVA? I don't think I can cope with all that. I was self employed but I now have a job, not well paid. I'm now living with my parents … [Read more...]