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Professional advice

Money Helper helps people manage their money. They do this directly through their own free and impartial advice service.
Also working in partnership with other organisations to help people make the most of their money.

IVA Disadvantages

  • The IVA may impose more onerous obligations over a longer period than bankruptcy.
  • Creditors may suggest modifications which may alter the original scope of the proposal for example require higher repayments over a longer period, assets included in the IVA are held by the Supervisor on trust for the benefit of your creditors.
  • If your IVA is approved and you fail to comply with what is required of you in accordance with the terms of the proposal for example if you fail to make the monthly repayments into your proposal without prior arrangement your Supervisor may be forced by creditors to issue a bankruptcy petition against you.
  • There are restrictions in obtaining credit whilst you are in an IVA.
  • You are released from your IVA only when you have complied with all the conditions of your IVA and your creditors have been notified.
  • If you were required to re-mortgage your house at the end of the arrangement you would be left with a higher mortgage.
  • If you are unable to secure a remortgage the term of your IVA may be extended (this will require your creditors approval) If not your IVA may fail.

For professional advice from a licensed Insolvency Practitioner contact us on our freephone number or complete the IVA application form and we will provide an ethical solution to your debt problems.

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