My IVA

You may obtain a loan to supplement your finances when you are falling short of money. You may need it to pay for expensive purchases, home renovations, higher education or business investments. You may even need the extra money to maintain your social status and afford more luxuries than you already possess.

There is nothing fundamentally wrong with obtaining loans as long as you are able to repay them. If you borrow money but fail to meet the repayments, a default will be recorded on your credit file that can be seen by other lenders, thus seriously affecting your financial credibility. In the worst case, if you are not able to remedy your default, your creditors may petition for your bankruptcy, a situation with serious consequences.

If you want to avoid bankruptcy and want an effective financial plan, it is better to act now rather than regret later. You can obtain the help of financial planning or financial management companies that can guide you in ways of successfully managing your debts. If you have too many debts, you may be advised to enter into an IVA, or Individual Voluntary Arrangement.

Questions about my IVA

You will likely have many questions about your IVA, some of which are answered here:

Q - Is my home at risk with my IVA?

A – No. As long as you maintain your mortgage / rent payments your property is safe.

Q – Is my IVA made public?

A – No. An IVA is a confidential arrangement between you and your creditors.

Q – How long will my IVA last?

A – An IVA usually lasts for five years, although this may vary depending on your circumstances.

Q – How much will my IVA cost?

A – Any fees related to your IVA are usually taken out of the money paid to your creditors. You do not usually have to pay any additional fees.

This IVA is conducted formally with the help of the insolvency practitioner who makes sure that the entire transaction is working properly and timely payments are made to the creditors. He is the one who coordinates the transaction and ensures its smooth functioning. So, if you are having any problems in managing the debts, avail the IVA advice now and be relaxed about your debts.