- How long will my IVA plan last for?
- Your disposable income and the amount of debt you owe play a part in determining how long your IVA plan will last for. However, most IVA plans are set up to last for a period of around five years.
- How much will I have to pay each month?
- Once again, your disposable income and the size of your debt will determine how much you have to pay out. It's normal that your payments are at least £200 a month but, remember, you're likely to never have to pay back the full amount of money that you owe.
- What happens if I miss some of my payments?
- It's vital that you stick to your IVA plan and ensure that your payments are made. It's likely that there is a clause in your agreement that allows your creditors to start bankruptcy proceedings against you if you miss more than two payments.
- Can I continue running my business if I have an IVA?
- Yes. As long as your payments are made on time, your IVA will have no effect on your business. There will be no attempts to take control out of your hands and nobody will try to make business decisions for you.
- Who has to know about my IVA?
- One reason why an IVA is often more popular than bankruptcy is because it's far more discreet. Generally, the only people that have to know about your IVA are your creditors and your Insolvency Practitioner. Your husband or wife doesn't even need to know about it, although honesty is obviously the best policy!
- Will be interest charges be frozen if I get an IVA?
- Yes. As soon as you enter into an IVA, all your debt and interest charges are legally required to be frozen by your creditors.
- Do I have to take time off work to sort out my IVA?
- No. Setting up an IVA can be a very simple process and you won't have to take time out of your work schedule for things like meetings with your creditors. The majority of the information that's needed from you can be collected through telephone calls and documentation.
