Below we have provided an extensive list of IVA faqs so that you can gain more knowledge about this solution and how it works.
IVA FAQs
I'm still getting letters from my creditors - What should i do?
It’s common within the first 6 months of your IVA to still receive contact from creditors because creditors have numerous offices and agents throughout the country and it takes time for them to update their systems with confirmation of the IVA being in place.
If you receive a telephone call from a creditor or a home visit regarding a debt included in your IVA, please advise them of your IVA and give them our name and telephone number. If you receive any correspondence, please just send that on to us by post, email or WhatsApp. So that we can act and put a stop to this. Creditors included in your IVA are legally bound by its terms and conditions and cannot take legal action against you.
I have received a request to sign and return a Land Registry form - What is this?
This is a form to ensure a note of the IVA is placed on your property register. If you decide to sell your property during the term of the IVA and do not inform your supervisor, this restriction will ensure that the Land Registry office will notify the Supervisor of the activity. This does not prevent your property sale or stop you from changing your mortgage product. However, you are required to notify the Supervisor should you wish to sell or re-mortgage the property during the term of the IVA, because your creditors will have an interest in any equity or profits that are released, and you may be required to contribute these funds.
My IVA payment has not left my account - What should I do?
You should contact your bank straight away to find out why the payment has not been taken and ensure you have sufficient funds in your account. You should also contact our office immediately to advise of a payment delay or an issue with the transaction being completed.
I’m struggling with my IVA payment – Can you help me?
Your IVA payment is based on a budget using your income and expenditure details. If your financial circumstances change, it is understandable that this could affect your ability to meet your payments. There are different options that can help with changes in circumstances such as reducing your payments or allowing payment breaks. The most important thing to do is contact us to discuss these issues as soon as possible. We are here to help with changes in circumstances and will always give you the best advice.
I missed my IVA payment due to an unexpected outgoing - Can you help?
We appreciate this can happen and ask that in the future, you contact us before the payment is missed to advise us of the help you need. There are different solutions that can be put in place to clear arrears on your IVA, therefore please contact the office to discuss this further.
Can I change my payment date?
Yes, this is a relatively straightforward request. Please contact the office to advise of the date you would prefer, and we can ensure your records are updated. There should be no difficulty unless the change puts your account into arrears, but the team will be able to advise you on this.
I received my annual report - What is this?
Your Insolvency Practitioner has a legal obligation each year to provide your creditors with an update about your IVA. We must provide information to inform them on matters such as the progress of the IVA and if you are up to date with your payments and complying with all the terms and conditions agreed.
Can I obtain credit while in a IVA?
During your IVA, you can borrow some money, but you cannot borrow more than £500 without getting permission from the Insolvency Practitioner (Supervisor) responsible for your IVA. We would advise against this, as you may not have money to spare from your monthly budget to pay this back. If you obtain more than £500 of credit without your supervisors permission, you will be breaching the terms of your IVA which could lead to its failure.
If you need to use funds to purchase something or pay for an emergency there is the possibility of a payment break in the IVA to allow for this. Our team are here to support and advise you should this be the case. Rather than you risking a breach of your IVA.
I found a debt not included in my IVA - What should I do?
This can happen at times and as long as the debt was incurred before the approval of your IVA it will be usually straightforward to include it with the other debts. Please contact the office if you find an additional debt.