Frequently Asked Questions

An IVA is a legally binding agreement between you and your creditors to repay a portion of your debts over a fixed period.

Generally, you need at least £6,000 in unsecured debt owed to two or more creditors.

Yes, an IVA will be recorded on your credit file for 6 years from the start date.

In most cases, yes. Unlike bankruptcy, an IVA generally allows you to keep your home.

Most unsecured debts can be included, but secured debts, student loans, and court fines cannot.

Contact your Insolvency Practitioner immediately - they may be able to vary the terms of your IVA.

Yes, your IVA is recorded on the Individual Insolvency Register, which is publicly accessible.

A standard IVA lasts 5 years (60 months), with possible extension to 6 years.

Yes, self-employed individuals can apply for an IVA.

An IVA lets you keep more control over your assets, especially your home, while bankruptcy may require surrendering them.

In most cases, no. However, certain professions may require disclosure.

Once your IVA is approved, creditors included in the arrangement are legally bound by its terms and cannot chase you.