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Learn about IVAs
An IVA is a formal method of debt repayment that's agreed between you and your creditors which means you'll pay off a percentage of your debts over a fixed period of time (typically over 5 years).
- What is an IVA?
- What are the advantages of an IVA?
- What are the disadvantages of an IVA?
- How much debt will you have to pay back with an IVA?
- Will you lose your house?
- Will you lose your assets?
- What are the alternatives to an IVA?
- How long does an IVA last and what effect will it have on your credit rating?
Will you lose your house?
Your house is safe from repossession if you take out an IVA.
If the value of your house rises significantly during the term of your IVA, your creditors may require you to release the equity in it to pay off some of the debt.
The money you'll pay your creditors comes from the disposable income you have left after you pay all your bills each month.
If you have expensive cars or other luxury assets, you would probably be expected to sell them and replace them with cheaper alternatives so that you could use the money to pay off a portion of your debt.
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Our debt solution partner's qualified advisers will explain all the options available and help set up a debt solution that's right for you.
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