After an IVA
This section is split into two sections:
- After an IVA – If the IVA is successful.
- After an IVA – If the IVA fails.
After an IVA – If the IVA is successful
A Certificate of Completion is issued once the IVA has been successfully completed. This is a signal for the Creditors to write off any outstanding liabilities – the amount of proven debt that the creditors are not now able to get back.
Once the IVA has been completed, the Insolvency Practitioner has a duty to make the relevant organisations aware of the completion. The Department of Trade and Industry are notified along with the Court Service. The Creditor Reference Agencies are also advised. The IVA will be lodged as completed on your Credit file however your file will still show this until the 6 year period has expired.
Once you enter into an IVA it will remain on your file for a total period of 6 years. This means that if your IVA completes in 5 years, there will be 1 year left for it to be on your credit file before you can have a fresh start.
A statement will also be issued to show all transactions of monies received and paid out during the IVA.
After an IVA – If the IVA fails
If an IVA fails, then there is a risk that either the Creditors or the Insolvency Practitioner will petition for your Bankruptcy. Normally sufficient funds will have been put aside by the Insolvency Practitioner to petition for Bankruptcy should the need arise.
If a bankruptcy petition is presented, then any assets you may have could be at risk, as could your job. It is essential that you seek advice should this happen.
Alternatively you may be able to consider another option to repay your debts, such as a Debt Management Plan or an Informal offer of payment which you would have to make yourself.
More information: What happens after an IVA fails?
If you wish to discuss the Individual Voluntary Arrangement (IVA) procedure and understand how it can help you please complete the following form or telephone freephone 0800 074 6918.
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