Important Things To Consider:
If you fail to keep to the terms of the IVA , your IVA will be terminated. Your creditors can then resume collection actions for the full outstanding balance and no credit will be given in relation to any payments for fees within the IVA.
If you are a homeowner, you may be asked to release equity in the final year of the IVA, but an IVA should not force the sale of your home.
If you are unable to release equity, your IVA may be extended by a further 12 months.
If you have assets that are not essential to you then you may be asked to make these available to your IVA (e.g. savings plans and ISAs).
Your credit rating will be affected for six years, starting from the date the arrangement is agreed and your details will be listed in the Insolvency Register.
You are not allowed to borrow or obtain credit over £500 during your IVA without the permission of your Supervisor.
There are some debts such as court fines and student loans that cannot be included.