Missing your IVA payment can be very risky, At all times you must keep your insolvency practitioner upto date with your current financial situation. Late payments may be acceptable if you have a good enough reason to why this has happened
Once you have missed 3 payments or equivalent then your practitioner will send you a ‘Notice of Breach’, Normally you will be allowed between one and three months to correct the problem explaining the missed payments and paying as soon as possible. Once you do this, no more action will be taken against you
Talk to your practitioner as the terms of your arrangement may be changeable but they can also terminate your IVA or apply to the court to make you bankrupt
You should always speak to your IVA provider as they will be able to help you in such a situation
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How does IVA Calculator work?
- Based on the details you provided, IVA calculator will determine whether you qualify for IVA or not.
- It will also calculate the amount of debt you can write off with an Individual Voluntary Arrangement – IVA.
- Our IVA calculator will send your results to your dedicated adviser.
- We do not charge any setup fees.
Basic criteria to qualify for IVA
- Your total unsecured debts are £5,000 or more.
- You have 2 or more creditors.
It is possible that some other debt solution is best for you, to know call our 24hr helpline 0800 088 2599
IVA – Frequently Asked Questions
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