What happens if I have a CCJ?

County court judgements (CCJs) are overturned by an IVA. As such, once your IVA is agreed you stop making direct payments to any debts which have CCJs. These will be paid together with your other creditors by the IVA.

What happens if I have an attachment of earnings?

If you are currently paying debt directly from your wages because of an attachment of earnings, once your IVA is in place this will stop. As such, you can include any attachment of earnings payments in your disposable income calculation.

What will an IVA cost?

There are two types of fees associated with an IVA – Nominee Fees and Supervisors Fees. You do not have to worry about paying these fees directly. They are deducted from your agreed monthly payment.

Some debt management companies will also charge an instruction fee to implement and IVA for you. This is often two extra IVA payments taking the total number of payments up to 62. There is really no need to pay such a fee.

How long will it take for an IVA to be put in place?

Normally it will take 6-8 weeks to get an IVA accepted and in place. However, during this time you make no further payments to your creditors therefore giving you time to organise your finances.

Which debts can be included in an IVA?

You must include all of your unsecured debt in an IVA. Unsecured debts include the following:

Credit cards
Store cards
Catalogue accounts
Bank loans
Bank overdrafts
Door stop lending accounts
Personal tax debts

which debts cannot be included in an IVA?

You cannot include secured debt in an IVA. Secured debts include the following:

Mortgages
Secured Loans
Car HP

What happens if I miss an IVA payment?

If you miss one of your IVA payments because of short term financial difficulty or an unexpected expenditure such as a car repair, it is normally possible to make up for this by adding an additional payment to your IVA.

However, if you continually miss payments, then your IVA is likely to fail and you could be declared bankrupt.