Q. Why haven't I heard of an IVA?

A. IVAs have increasingly caught the public and media attention with over 40,000 people entering an IVA each year. IVAs are a highly regarded, ehtical and moral way to deal with debt problems whilst avoiding bankrupcty.

Q. Who can enter into an IVA?

A. As long as your disposable income is over £150 per calender month, any insolvent individual that is unable to repay their unsecured debts can apply.

Q. What if my creditor's disagree?

A. Your IVA will be accepted as long as 75% of the overall debt held by all creditors vote for the IVA which obliges the remaining creditors to also become bound by the agreement.

Q. Will my credit rating be affected?

A. You will give up your current credit when you enter an IVA and you will not be allowed to take additional unsecured borrowings until the IVA is completed. But, you become debt free once the IVA is complete which should see a fairly quick repair of your credit rating.

Q. How will an IVA affect my current credit?

A. Your current credit will be inactive and you will note be allowed to take additional unsecured borrowing until your IVA is completed. It is actually possible to take or change a mortgage even while you are still within an IVA. But make sure you get the advice of your Insolvency Practitioner for this.

Q. Will my home be safe?

A. You will not have to sell your property when you are in an IVA. Although, you may be required to release equity by re-mortgaging in the last year.

Q. What fees are involved?

A. Hamilton Wentworth work with Insolvency Practitioners that do not charge any upfront fees. Any fees for the Insolvency Practioners services is agreed between them and the creditors and is usually taken over the course of an IVA.

Q. How much will I have to pay into my arrangement?

A. This figure is variable depending on your current situation. But, usually the minimum monthly payment is £150 per calender month.

Q. How do I apply?

A. Please contact us by phone, e-mail or write to us.