Considering taking an IVA

If you are considering taking an IVA you will no doubt have lots of questions. There are a number of options available to people in debt each individuals circumstances are different. At debtsolve we can offer you sound debt help and advice to suit your financial circumstances.

If you want to know about the advantages of an IVA check out our IVA advice page.

Many people ask us can I protect my house if I take an IVA.

The answer is yes you can protect your house if you take an IVA. An IVA will avoid creditors from taking action against your property. You may have to put a share of equity in your property into the arrangement which you can pay off when your IVA is finished.

How do you pay IVA fees?

When your IVA starts the payments being made to your creditors will stop and you will begin making contributions to your IVA. You can find out how much does an IVA cost? here. Your IVA payments are billed monthly.

Do you need to open a new bank account for an IVA?

It will not always be necessary to open a new bank account for an IVA. If you are not overdrawn you do not need to open a new bank account. Most creditors will insist you open a bank account with no overdraft facility preventing you from running up debts within your account.

Who will know about my IVA?

An IVA is unlike bankruptcy in the respect that it is not advertised in a newspaper when you take out an IVA. Your employer will not know unless you choose to tell them. Your IVA is registered by the Insolvency Service and this will appear on your credit file. If you are worried about how long will an IVA appear on your credit file you can read about it in our article What happens after an IVA?

Debtsolve are IVA specialists we answer hundreds of questions about IVAs every day if you can’t find the information on our site or you would prefer to speak to someone in person then please fill out our contact form to get a call back or call 0161 763 2670.