Frequently Asked Questions
Please see below Frequently Asked Questions people commonly ask us when enquiring about an Individual Voluntary Arrangement (IVA)
No! An Individual Voluntary Arrangement (IVA) has far less restrictions than bankruptcy and mainly will not lose all access to credit or assets.
An IVA can be a useful solution if you have rent arrears from a previous property or if your current property you rent from your local housing association or council. The IVA will bring your rent account back to zero so you only need to pay your future rent, you can avoid eviction and keep the roof over your head and don’t have to worry about catching up with your arrears.
Six years, anything that appears will last on your credit file for up to six years.
Yes! Under public notices on your credit file will show the Individual Voluntary Arrangement (IVA) listed. Obviously if you already have defaults for non payment on there it might not actually make your score any worse but will likely not make it easier for you to get credit until after five years when your IVA is finished an even better in six years when the IVA and your debts are gone completely off your credit file..
Yes! With an Individual Voluntary Arrangement (IVA) you can include council tax arrears and your council tax account will go back to zero.
When your IVA is proposed that will include and income and expenditure which will have a disposable income left over for the creditors and that is the amount you repay, if you notify your Trustee you have excess funds such as inheritance during the plan then they could demand extra to be paid into the solution as they must be independent between you are creditors and they must try to get the debts and fees paid in full where possible
We have all seen the adverts where you can write off 70 – 95% of your debts with an IVA. The reality is you will write off more the more debt you have and will also likely write off more the less you have at the end of the month to repay also. To get an idea of how much you could write off and what minimum repayments are click here
Your income is calculated and then your expenses are taken off and what is left is what you pay normally for five years, so you want to get all the expenses you can in right? You can include all major outgoings, rent/mortgage/secured loans, council tax, energy payments, insurances, car payments, mobile phone costs, travel/car costs, food/housekeeping/clothing, TV/Broadband, grooming costs, hobbies, entertainment and much more. Don’t worry all this will be covered along the way.
No! We do all the hardwork for you, you apply, you complete the quick online application you provide the easy to get supporting documents and we do the rest!
Yes! We have never had a case where we have not been able to but you must act quick and get your case officer what they need fast to make sure we get the paperwork to the right people in time.
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Your Expert Group, scottishtrustdeed.help, River Insolvency, ivahelper.co.uk are trading names of YEG Insolvency Limited which is Authorised Representative (FCA Number 987650) of Secure Financial Management Limited which is regulated by the Financial Conduct Authority.
Secure Financial Management Limited’s FCA number is 550186. You can confirm this by checking the financial services register by visiting the FCA website www.FCA.org.uk?register or by contacting the FCA on 0800 111 6768. The registered office is 89 West Regent Street, Glasgow, G2 2BA. Registered in Scotland company no: SC393839. Registered with the ICO under the Data Protection Number ZA328512
Donna Forey is Licensed to Act as an Insolvency Practitioner in the United Kingdom by the Institute of Chartered Accountants of Scotland.
A formal debt solution may not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
*Debt examples are subject to creditor acceptance, payments are subject to individual circumstances, credit may be affected. Fees may apply.