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Pre-insolvency advice IVA Issues

IVAs are the most common form of insolvency provided by Practitioners. In reality, it may not be the best course of action for a borrower in difficulty. If you are having issues making IVA payments or your IVA has failed, contact our expert team today.

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IVA Issues

Struggling with an IVA?

I’m having difficulty making my IVA payments; what can I do?

People enter into IVAs because they solve an immediate problem in terms of debt pressure from a variety of sources. Yet recent research from the Insolvency Service shows that just under 20% of IVAs fail in the first three years.  If you have an IVA, then difficulties may arise if your income is reduced or if there is a sudden increase in your expenses:

    • Being made redundant or having your working hours cut
    • Lower profits if you are self-employed
    • Being unable to work due to illness
    • Large, unexpected expenditure, such as an expensive repair to a vehicle
    • General cost of living increases

An IVA is a legally binding agreement, yet in our experience, those entering one frequently fail to understand its full ramifications. So if you find yourself in this situation, and you want to know what your options are, then talk to us here at Bell & Company.

 
 
 
 

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