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Baines & Ernst provide the IVA Advisory Service, but we cannot guarantee the result of the IVA proposal – as drafted by the Insolvency Practitioner – will be accepted by your lenders. For an IVA to be approved and interest and charges to be frozen, the proposal will need to be voted on and approved by lenders representing 75% of the value of your debts.
needs to be accepted by 75% of the lenders (by value).
A copy of our IVA Advisory Service Terms and Conditions can be viewed here.
A record of your IVA will be held on your credit file for six years from the start of the IVA. Once an IVA is approved by your Lenders, it will be listed publicly on the Individual Insolvency Register.
A financial review will be carried out with you to work out a realistic repayment plan once all your other bills including rent / mortgage, household bills and living essentials have been taken into consideration.
If you are a homeowner, you may have to re-mortgage your home after 4 years and release available equity to pay off some or all of the remaining debt.
Only unsecured debts can be included in an IVA, this means debts not secured against your property. Household bills, child maintenance repayments and secured loans are also excluded.
Typical unsecured debts that can be included are credit cards, store cards, personal loans, payday loans, catalogue accounts, bank overdrafts.
You will have a cooling off period of 14 calendar days from when the signed and returned documentation has been received, in which you can cancel the IVA.
Cancellations must be in writing and the Advisory Service fee will be refunded.
If an IVA fails you will be liable for the balance of the debt and fees.
You can view a free publication from The Insolvency Service ‘In Debt? Dealing With Your Creditors’ which provides an overview of some of the debt solutions that may be available to you.
Alternatively, if you’re in Northern Ireland, you could look at the Department of Enterprise, Trade and Investments ‘In debt? Dealing with Creditors’ guide, here. Residents of Scotland can also look at the Scottish Governments ‘Debt Advice and Information Package’ guide here.
