If you want to avoid paying fees for IVA related issues, then try one of the charities such as the Debt Advice Foundation where the advice is free. It is best to compare services by ringing the different organisations and asking them what they provide. If a free service offers you the same benefits as a fee-charging service then save yourself some money and choose the free one. Get help with debts today Get Started.
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If your circumstances change, you must tell your IP. The IP may charge you a fee for doing this. If you cannot make any payments or your creditors refuse to accept lower payments, your IVA may fail. If this happens, the IP may allow you to consider other options. They can take court action to get these back from you. The IP is able to petition for your bankruptcy, but this will not happen in all cases.
If your IP decides not to make you bankrupt, then your creditors can take action against you instead. It is very important to agree payment arrangements with each of your creditors separately to stop this happening.
Check the terms and conditions of your bank account to make sure that it cannot be affected by an IVA in any way. Under the rules of the Consumer Credit Act , your creditors will usually have to keep sending you annual statements, as well as arrears and default notices in a set format.
This does not mean that there is a problem with your IVA. If you receive other letters demanding payment, you should take this up with your IP or contact us for advice. You can search this for free. Your IVA will remain on the register until it is completed or terminated. This can significantly affect your ability to get further credit.
Make sure you send a copy of the letter from your IP to the three credit reference agencies so that your credit file is updated. You may continue to find it difficult to get credit even after the IVA has been removed from your credit file. This is because some lenders may ask if you have ever had an IVA or been bankrupt in the past. See our Credit reference agencies fact sheet for more information. Put your complaint in writing to the insolvency practitioner IP.
Set out the facts as clearly as you can. Contact us for advice about these. Say why you are not happy and what you want them to do about it. Include any evidence that you feel supports your complaint. However, they can use the information you provide in your complaint to help them decide whether they should take further action against the IP. Also, a complaint will not stop any bankruptcy action being taken against you if your IVA has failed. For more information about making a complaint, see the Insolvency Service's website.
Alternatively, contact us for advice. There may be alternative solutions for you to deal with your debts. For example, you may wish to consider a debt management plan. This is an informal arrangement which involves paying your surplus income to a debt management company. The debt management company then negotiates reduced repayments with your creditors.
Bankruptcy could also be suitable for you. Bankruptcy is an official order which ends liability for most debts. However, it can involve some of your assets being sold to raise money to pay to your creditors. A debt relief order DRO is an alternative to bankruptcy which can see liability for debts written off after 12 months.
There are advantages and disadvantages to each solution. It is important to consider these carefully before you make a decision about which option is best for you. See our Ways to clear your debt fact sheet for more information. The Insolvency Service www. Coronavirus advice Credit reference agencies fact sheet Ways to clear your debt fact sheet. To use this website, you may need to enable JavaScript. Click here to find out more. Learn more Accept.
Start webchat. Skip to content. Use this fact sheet to: find out what an IVA is; find out if you may be eligible to apply for an IVA to help you deal with your debts; see when we can help you to apply for an IVA; understand how an IVA is set up; and find out the main advantages and disadvantages of an IVA.
Extra help because of coronavirus If you have an IVA which was set up using the IVA protocol, new guidance means you may be able to getextra support if you are experiencing financial difficulties due to coronavirus. Breathing space If you need time to get debt advice and find a debt solution, you may want to consider applying for breathing space.
Give complete information If you do not give complete information to your IP about your assets and debts when you apply for an IVA, you could be committing a criminal offence.
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