Direct Debt Solutions


* Required field
*
*
*
I have read and accepted the privacy policy *

Complete our express test for your solution

After coming back from living abroad I had severe debt trouble already  Read more...

I was forced into retirement after being made redundant  Read more...



Lack of financial security 'felt by many consumers'  Read more...

OFT joins campaign to stop loan sharks  Read more...



 

IVA FAQ


How will an IVA affect my credit rating?


An IVA will affect your credit rating during the period of an IVA programme and for up to 6 years after completion. You are able to apply for credit once your IVA has been completed. We would advise that you send a copy of your completion letter to credit reference agencies. Once your IVA has been completed, all of the debts on your IVA programme should be marked as fulfilled by each creditor. You may also be required to re-mortgage in after the 4th year of the IVA.

Will the IVA prevent my creditors taking further action?

  • Yes. You are protected from all further action by your unsecured creditors providing you agree to the terms of the arrangement.

Can I enter an IVA if I already have a CCJ?

  • Yes. Entering into an IVA even offers you a way by which you can avoid further even action after a creditor has obtained a CCJ against you.

What is the difference between a secured and unsecured debt?

  • A secured debt is a debt secured against an asset that you own. Typical secured debts will be a mortgage, a secured loan or a car loan. An unsecured loan is any loan not secured on an asset, such as a bank overdraft, a personal loan, a credit card, store card.

Can an individual creditor refuse to accept an IVA?

  • Yes, but only if he has more than 25% of the debt voting at the creditors meeting. Once the IVA has been accepted by vote at the creditors meeting, all creditors are bound by law to accept the arrangement.

Call FREE today on 0800 015 3135 or to try our FREE Debt Test click here

Does an IVA cover all kind of debts?


No. An IVA only cover unsecured debts and arrears.

How does it differ if I am a homeowner or tenant?


It makes no difference whether you are a tenant or homeowner or even if you are still living with your parents.

Can I cancel the IVA once it is set up?


No. An IVA is a legal process and, once it is set up, you cannot just cancel it if you change your mind.

How long does it take to set up an IVA?


It takes between 6 and 8 weeks to set up an IVA.

How much does an IVA cost?

  • All the costs associated with your IVA are included in the payments you make in to it. You will be informed through a Letter of Engagement from the Insolvency Practitioner of the fees before you have to commit to an IVA.

What happens if I just stop paying into the IVA?

  • If you fail to keep to the arrangement, your the insolvency practitioner in the IVA has the right to apply for you to be declared bankrupt and for your creditors may petition for your bankruptcy.

What if my circumstances change?

  • If you are not able to keep up repayments because your circumstances changed, the insolvency practitioner in the IVA can request a variation to reflect your new circumstances.

Speak to a Direct Debt Solutions advisor free on 0800 015 3135 and we'll advise which debt solution would best suit your debt problems or take the Express Debt Test now and find out which solution is best for you.

Share |

Back to top
 

Direct Debt Solutions is a registered trading style of Blair Endersby Ltd. Blair Endersby Ltd is registered in England and Wales under registration number 03849301. Registered office address, City Wharf, New Bailey Street, Manchester, M3 5ER. Registered under the Data Protection Act 1998 Licensed under the Consumer Credit Act 1974 No. 0480389. Our Insolvency Practitioners are licensed by the Insolvency Practitioners Association.

© 2010 Direct Debt Solutions