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.