Many people who are over 55 can take some or all of their pension pot in cash before they actually retire. You need to know how this may affect you if you are considering an IVA. If you already have an IVA, you may be wondering if your pension is safe. First a warning: IVAs are individual arrangements and it is possible for almost anything to be included or excluded in the detailed terms 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 much should I offer to settle my IVA early?
An Individual Voluntary Agreement (IVA) is a formal, legal contract for a set period, usually five or six years. To finish your IVA sooner and have the remainder of your debts written off, you need to talk to your IVA firm, say how much you are offering and where the money is coming from. Your creditors will need to approve this offer. How much you should offer as a Full and Final (F&F) … [Read more...]
How IVA, DRO or bankruptcy affect PPI claims and other refunds
If you have been insolvent - bankrupt, had an IVA or a Debt Relief Order (DRO) - then you need to know how this affects a claim for a refund for a financial product. You can't make a new claim for a PPI refund - the deadline for this passed at the end of August 2019. But there are a lot of claims in progress - and you can still make affordability complaints such as those about payday loans and … [Read more...]
Should I overpay my IVA?
If your IVA is going well, a few months in you may be feeling pleased but wondering if it’s a good idea to start paying in a bit extra so your IVA ends sooner. Lots of debt questions don’t have easy answers but this one does - No! Let’s take an example with simple figures: Mr X has unsecured debts totalling £18,000. He has an IVA approved for the typical five-year term, paying £200 a month. So … [Read more...]
IVA completion certificate delays are too long
In 2018, delays on completing IVAs aren't as bad as they were a few years ago. but some still take over 6 months to finish, often with no good reason. This article looks at why these delays matter and what you can do if you are waiting for your IVA completion certificate after 6 months. How bad have delays been? In 2014 an Insolvency Service report said: "a high proportion of complaints are … [Read more...]
Council tax and bankruptcy, IVAs and DROs
How are council tax debts - and the remainder of the current year's council tax - treated in insolvency? The guidelines for the inclusion of council tax debts in bankruptcy, Individual Voluntary Arrangements (IVAs) and Debt Relief Orders (DROs) changed in 2014. This has happened following the judgment in Kaye v South Oxfordshire District Council that business rates for the current tax year … [Read more...]
The secured loan clause in IVAs – a potential timebomb?
Background - secured loans and IVAs The following is a brief summary. Before 2014, most IVAs had terms which say a debtor with equity in their house must try to release some of it in the fifth year of the IVA through a remortgage; and that if this isn't possible a sixth year of IVA payments will be required. At the start of this year the IVA Standard Protocol was updated to include an … [Read more...]
IVAs and secured loans – how to complain
In 2014 I wrote an article about IVA complaints, looking at when it is worthwhile complaining and how to go about it. This is a follow-up: what to do if your Insolvency Practitioner (IP) says you have to take out a secured loan. This is a key issue at present as some firms have been asking clients with existing IVAs to include a secured loan clause as part of a larger variation agreement. Other … [Read more...]
How to complain about an IVA
Individual Voluntary Arrangements are complicated long-term legal agreements. A lot can change in your life during the 5,6 or 7 year term your IVA lasts. Sometimes your IVA firm isn't as helpful or sympathetic as you think it should be. You should always be treated politely and have things explained to you. If there is something really wrong with the way your IVA is being handled, then you … [Read more...]
Should I use DLA / PIP money to pay debts?
Disability benefits such as Disability Living Allowance (DLA), Personal Independence payment (PIP) and Attendance Allowance (AA) are meant to cover the extra costs you get because of the disability. So is it right to use this extra money to pay off debts? Can your creditors make you do this? That may sound a bit abstract, but it leads to a very practical question - if you need a Debt Management … [Read more...]
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