Confidential debt advice
Here are some of the questions we are asked most often. Hopefully, these will answer your queries, however, please don't hesitate to contact us for more advice.
If I decide to take an IVA how much will I have to pay each month?
This will be an affordable amount, based upon your income and expenditure, usually paid by standing order for the agreed period of time. Check out our article How much does an IVA cost? for more information.
Can I keep my house if I enter into an IVA?
If you own a house, it is unlikely you will have to sell this as part of an IVA. In order to avoid a sale, an IVA will provide you with an opportunity to release some equity for the benefit of creditors, usually by way of re-mortgage. Equity is usually released towards the end of your IVA.
What will an IVA cost me?
Typically you will simply agree to pay one affordable monthly amount, which will be held in a designated client account. Our fees (to be agreed with you and your creditors) will be paid out of your contributions. And dividends net of fees will be paid to your creditors during the period of the arrangement. At the end of your proposal, if you have paid all of your instalments and, if appropriate, realised any agreed equity in your property, you will have fulfilled your obligations. For further information check out the information on How much does an IVA cost?
What do I have to do to get an IVA?
You will need to instruct us and we will then prepare all of the necessary documentation for your approval. We will then contact creditors on your behalf and will continue to deal with them on your behalf throughout your arrangement.
We will call a creditors meeting so that creditors can consider your proposal. You will not usually have to attend a meeting and typically most creditors do not attend in person and vote by proxy (postal vote). You can attend if you wish, a person from Debtsolve will chair the meeting.
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