Q1 How long does an IVA application takes?

A1：The whole application process takes around 4 to 5 months.

Q2 How long does an IVA last?

A2：An IVA generally runs for 3 to 7 years depending on your income, contribution and debt amount.

Q3 What debts can be included?

A3：Any unsecured debts (including credit cards, unsecured loans, payday loans, taxes) can be included into your IVA.

Q4 Will IVA affect my husband/wife?

A4：No, but we will ask for his/her basic income details and factor them into your affordability.

Q5 What do i have to tell my creditors?

A5：You don’t have to speck with them at all. Your nominee will take care of it.

Q6 Who will be my Nominee?

A6：An accountant approved by the court will be your Nominee.

Q7 Do i have to contribute during the process of IVA?

A7：Creditors have the rights to require you to contribute before the Interim Order launch. However, in our experience, creditors usually slow down collection actions during the application process.

Q8 Do I need all creditors approval for the repayment proposal in order to start IVA?

A8：The proposal only requires 75% of the creditors (in total debt value) to agree.

Q9 Can I keep my property?

A9：It depends on the net value of your property. In our experience, positive value properties can be kept.

Q10 Is there any limit on occupations to apply IVA？

A10：Any occupations (including self-employed) with income proof are suitable to apply IVA.

Q11 What type of services does the payment include?

A11：Any occupations (including self-employed) with income proof are suitable to apply IVA.

Q12 I am a bankrupt; can i apply for IVA?

A12：Yes, you have the right to apply IVA anytime.

Q13 Will anyone inform my employer about I have applied for IVA?

A13：No. No one (including Official Receiver Office and court) will inform your employer as IVA is not a court litigation.

Q14 If I become unemployed or experiencing salary cut after apply IVA, what should I do?

A14：After you have communicated with your nominee, he/she would apply deferred contributions or reduced contributions for you.