Implications of an IVA
IVA implications
We urge all callers considering an IVA to take into account the long term implication of an IVA, such as the effect that it may have on your credit rating and financial future. The UK Insolvency Helpline will make you aware of all the implication of an IVA before you make the commitment to sign up for one.
Please note that we still receive many calls from people subject to an IVA debtor expressing the opinion that if they had known the full implications of an IVA, they would have declared themselves bankrupt instead.
Please note that for some people bankruptcy or debt management may be a better option. We suspect that' many people in IVAs with some “IVA factories” that advertise in the media did not realise the full implications of their choice because they were advised by a salesman rather than a money advice counsellor.
Our Initial Assessment will explain all the IVA implications
Your allocated case counsellor will ask you to complete a personal case review document that will enable the IVA unit to assess your debt problems and consider your case. The first part of the process is to determine that an IVA is the correct option for you and that you fully understand what an IVA is and the implications of entering into an IVA
Once the client feels an IVA is the best option to consider and fully understands the implications of entering into an IVA, an IVA proposal will be drafted.
What are the implications of an IVA:
- Do not sign up with the wrong IVA insolvency practitioner (IP).
- An IVA can an up-front fee to of up to £2000, if you use the wrong IVA firm.
- There are also certain conditions attached to taking out an IVA such as releasing equity in a property or even having to sell it in year 5 of the IVA.
- You keep control of your assets.
- You cannot obtain credit for over £250 without the permission from the your IVA supervisor
- You can act as a company director.
- You can take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
- You can continue to trade in any business.
- You can still practice as a Charted Accountant / Lawyer.
- You can still act as a Justice of the peace (JP).
- You can become an member of parliament.
- You can become a member of the local authority.
- Your credit is affected for many years.
Please call a member of the IVA advice unit on 0800 074 6918 to find out more about the main implications of an IVA relating to your particular case.
IVA Menu
- IVA (Individual Voluntary Arrangement) Overview
- Starting an IVA
- The IVA process
- IVA Monthly Payment
- IVA Pros and Cons
- IVA FAQs - Frequently Asked Questions
- Starting an IVA
- The IVA procedure
- What is an IVA?
- IVA Enquiry Form
- How to start an IVA
- Who can an IVA help?
- IVA's - Facts & how they work
- Benefits and Advantages of an IVA
- Who can an IVA help?
- IVA - Help and information
- How an IVA works
- IVA - Estimated timescale
- The IVA approval process
- The IVA criteria
- Bankruptcy or IVA
- IVA - What are the costs involved?
- IVA - The documentation required
- IVA - Download forms
- Sample IVA proposals for PAYE worker
- IVA - Guide to creditors Fees
- IVA - Standard Terms & Conditions
- Individual Insolvency Register
- IVA
- IVA lifestyle
- Debt free after an IVA
- Is my home protected in an IVA?
- Chances of IVA rejection
- Keeping my car
- Credit rating after an IVA
- Credit report and the IVA
- Professional accreditation in an IVA
- IVA conclusion
- IVAs and meetings
- Change in circumstances whilst in an IVA
- IVA benefits for creditors
- Failed IVA payments
- IVA Case Studies
- Benefits of an IVA
- Implications of an IVA
- After an IVA - the end of an IVA
- IVA Help
- Best Debt Solution
- Proposed changes to individual voluntary arrangements (IVAs)
- What happens after an IVA fails?
- IVA Guide Centre
