What if I become seriously ill?
Please contact us as soon as possible. We know these conversations can feel difficult – but you’re not alone, and our dedicated Vulnerability Team is here to support you with care and practical guidance.
Your Insolvency Practitioner (IP) may speak to your creditors and request early completion of your IVA on compassionate grounds.
What happens if I come into money during my IVA?
If you receive a financial windfall – such as inheritance, compensation or lottery winnings – you’ll usually need to pay all of it into your IVA.
Because your creditors have agreed to write off part of your debt at the end of your IVA, any extra funds must be considered.
If the amount’s large, you may be able to offer an early Full and Final settlement.
If friends or family want to help with a lump sum, creditors may accept it as a settlement offer. It doesn’t have to cover everything you owe, but it must be fair and reasonable.
Can I settle my IVA early?
Yes – you can ask to offer a lump sum as a Full and Final settlement.
- Your creditors will vote on the offer at a Variation Meeting.
- Even if accepted, your IVA stays on your credit file for six years from the original start date.
- It remains on the Insolvency Register for three months after completion or termination.
Early settlement can give flexibility, but you’ll still need to rebuild your credit after it completes.
Can I add debts to my IVA?
- Forgotten debts: If a debt was missed at the start, it may still be possible to add it. Sometimes a second Creditors’ Meeting is required if the debt is significant.
- New debts: If you’ve taken on new borrowing since your IVA began, contact us immediately. We’ll explain your options and what this means for your arrangement.
Can an IVA affect citizenship?
Can creditors chase me during an IVA?
No. Creditors included in your IVA must stop:
- chasing you for payment
- adding charges
- starting legal action
Your essential assets, like your home and car, are protected as long as you maintain your arrangement.
When can an IVA be unsuccessful?
An IVA may fail if:
- payments stop and you don’t get in touch
- you don’t follow the agreed terms
If it does fail, creditors may restart contact and reapply interest and charges. Talking to us early gives us the best chance of keeping your IVA active.
How can I make sure my IVA is successful?
You can help keep your IVA on track by:
- making payments on time
- letting us know about changes in your income or circumstances
- completing each annual review
Why might my IVA be rejected?
Your IVA could be rejected if:
- creditors don’t accept your offer of repayment
- income or budget information is incomplete or unclear
If this happens, we’ll explain your options and support you with next steps.
How hard is it to get an IVA approved?
Creditors representing at least 75% of your total debt value (of those who vote) must approve your proposal.
Being open and accurate about your finances helps us create a strong proposal. If creditors request changes, you’ll have a chance to review and agree before anything is finalised.