Q: I’m concerned about my reputation. Who will know about the IVA?
A: An IVA is a private agreement, unlike bankruptcy. If you file for bankruptcy, you face the stigma of having a bankruptcy announcement published in your local paper. An IVA is a confidential arrangement between you and your creditors. The IVA process requires that Insolvency Practitioners lodge appropriate documentation at your local court but this is not seen by the public.

Q: If I file for bankruptcy I will lose my home, but is my property safe with an IVA?
A: Yes, you will not be required to sell your home. You may be required, however, to take reasonable steps to ensure any available equity is paid to your creditors towards the end of your IVA term. This is usually achieved via a re-mortgage.

Q: Will my career be damaged by an IVA?
A: No, an IVA is a simpler, less severe alternative to bankruptcy. Unlike bankruptcy, your professional or employment status will not be affected. You can be a director, run your own business and maintain your right to hold public office.

Q: If a proportion of my debts end up being written off, why would the people I owe money to agree to an IVA?
A: An IVA is more attractive to your creditors than bankruptcy. With bankruptcy, they receive nothing, whereas an IVA offers them a reasonable return.

Q: If I want to apply for an IVA, is it a complicated procedure?
A: We do all the hard work for you. As your Insolvency Practitioner we will collect the information we need from you (such as information on your debts and income) and manage your IVA on your behalf.

Q: What if a creditor does not accept my IVA proposal?
A: An IVA is more attractive to them than bankruptcy. If over 75% of your creditors vote in favour of your proposal then the IVA is accepted. All your unsecured creditors are then legally bound by the IVA and cannot pursue you.

Q: But I’ve no money! How do I pay your professional fees and costs?
A: All fees and costs are paid from the payments you make into the IVA and your creditors are fully aware of the fees and costs. Therefore, there are no additional monies to be paid.

Q: I’ve got concerns an IVA may be too difficult to pay back?
A: An IVA proposal can only be presented to your creditors by an Insolvency Practitioner who has considered your case and believes it to be fair and reasonable to both you and your creditors.