IVA Guide

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IVAs - the potential downsides

  • An IVA is only a viable option if you have unsecured borrowing of at least £15,000.
  • To gain approval, creditors representing at least 75% of the value of the money owed, as well as a simple majority, must agree to your proposed IVA.
  • Should the IVA fail, you can still be made bankrupt and if this were to occur then the costs of the IVA will be added to your total debts.
  • For the duration of the IVA you will be under the close supervision of the appointed insolvency practitioner.
  • All IVAs automatically appear on your credit file and could affect any future applications for credit.

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Last Updated: 11-02-2012