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.
What happens if I can’t keep up with payments?
If you’re struggling, contact us straightaway. We may be able to:
- temporarily reduce your payments · give you a payment break
- explore other options
It’s important to note that if we reduce your payments or give you a payment break, the term of the IVA may be extended.
If you stop paying without speaking to us, your IVA could fail and creditors may resume contact – so reaching out early is always the best approach.
Will I pay the same amount every year?
- If everything stays the same, your payment is likely to stay the same.
- If things change, your payment may be adjusted to keep your IVA affordable and fair.