Who can be helped?
You.
Because of the costs of setting up an IVA, it is only practical to obtain one if your debts exceed £15,000 or so.
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Will I lose my house?
No.
But should you have equity in your house, savings or other assets then these will be taken into account when making an offer to creditors.
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Can I stay in business?
Yes, you can.
Unlike being declared bankrupt, there's no limit on your business activities.
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How long does an IVA last?
They normally last five years.
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Which creditors can be included in an IVA?
Creditors you can include are: Banks, Finance Companies, Credit, store and charge card companies, Customs and Excise (VAT), Inland Revenue and even loans from friends and family.
You can't include your mortgage, hire purchase, fines, debts incurred through fraud, maintenance/child support arrears or rental property.
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Can I enter into an IVA if I have already received a Statutory Demand?
Yes.
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Can I obtain an IVA if a Bankruptcy Order has been made against me?
Yes.
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What happens if I don't keep up the payments on my IVA?
If you default on your payments, the supervisor of an IVA can initiate bankruptcy proceedings against you.
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