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IVA FAQs

IVA FAQ's

  • Q: If I can’t pay off my debts will I qualify for an IVA?

    A: It’s quite possible, but not automatic. Talk to the Debt Advice Trust first and we’ll advise you about your individual situation.

  • Q: Who actually sets up an IVA?

    A: There are a number of companies offering IVAs. Some are better than others. If we think an IVA is the most appropriate debt solution for you then we’ll recommend a reputable, reliable provider from our Approved Panel.

  • Q: Do I need to owe more than £15,000 to qualify for an IVA?

    A: An IVA tends to be most appropriate in relation to serious debt. But talk to us about your individual circumstances so that we can ensure you fully understand the various debt solutions which may be available to you.

  • Q: Is there any stigma attached to IVAs?

    A: Unlike bankruptcy, only your creditors will know about your IVA. So an IVA can cause far less distress or embarrassment.

  • Q: Who is involved in agreeing to an IVA?

    A: In simple terms it’s you, your IVA provider and your creditors. But talk to us first for further advice.

  • Q: How do I choose an IVA provider?

    A: If we think an IVA is the right sort of debt solution for you, then we’ll recommend a reputable provider from our Approved Panel.

  • Q: Why should my creditors agree to an IVA?

    A: They will probably do so if they think that the alternative is receiving less or very little through your bankruptcy. It’s up to your IVA provider to evaluate the situation and put your case forward.

  • Q: When can I call the Debt Advice Trust

    A: You can call us anytime between the hours of 8:00 am and 9:00 pm Monday to Friday, or 9:00 am and 5:00 pm on Saturday and 10:00 am to 4:00 pm on Sunday.

  • Q: Why is it best to talk to the Debt Advice Trust about an IVA?

    A: Because, as a reputable not for profit organisation, you will only get honest, impartial debt advice. We’re not pushy and will let you make up your own mind. And if an IVA is right for you, we’ll recommend a provider you can trust from our Approved Panel.

  • Q: Will I need to tell my creditors that I’m considering an IVA?

    A: No, you can leave all the negotiations to your IVA provider.

  • Q: What more can the Debt Advice Trust tell me about an IVA?

    A: Our fully trained Debt Counsellors can ensure you are fully advised about exactly how an IVA works so that you can decide whether it’s the right debt solution for you.

  • Q: What happens after I have cleared my IVA debt?

    A: You should have become debt free and can get on with your life without the stress and strain of being in constant debt.

  • Q: Can I speak to an IVA provider?

    A: If an IVA looks like the best debt solution for you, then we’ll be happy to introduce you to a trustworthy IVA provider from our Approved Panel.

  • Q: What qualifies as serious debt?

    A: Generally speaking, an IVA is most suitable if you have debts in excess of £15,000 and are genuinely struggling to meet your repayments. But talk to the Debt Advice Trust in confidence about your financial situation for further advice.

  • Q: How do I know how much I will have to pay through my IVA?

    A: This is finalised after you have discussed your situation with your IVA provider and they have negotiated with your creditors. But the whole point of an IVA is to make your new monthly repayments affordable.

  • Q: Are there any alternatives to an IVA?

    A: It depends entirely on your financial circumstances. An IVA is a solution to serious debt, but there are others as well. You should talk to the Debt Advice Trust first so that you get all the advice you need.