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How Much Does an IVA Leave You to Live On

Understanding IVAs in the UK: What You Need to Live On

Individual Voluntary Arrangements (IVAs) provide a structured pathway for individuals in the UK to manage and settle their debts in a way that is sustainable according to their financial situation. Given the unique nature of IVAs, the amount left for personal living expenses varies significantly from person to person, contingent on their income, essential expenditures, and the total debt owed.


How Much Does an IVA Leave You to Live On


What is an IVA?

An IVA is a formal agreement between a debtor and their creditors to pay back debts over a period, typically five years. It's a legally binding process managed by an Insolvency Practitioner (IP), aimed at individuals wanting to avoid bankruptcy. It allows for the partial repayment of debts, with the remainder potentially being written off at the end of the term.


The Logic Behind an IVA

The logic behind an Individual Voluntary Arrangement (IVA) in the UK centers on providing a manageable and structured solution for individuals struggling with unmanageable debt. It serves as a middle ground between the debtor and their creditors, facilitating a compromise where debts are paid in a way that is sustainable for the debtor over a fixed period, typically five years. This setup prevents bankruptcy—which can have more severe consequences for both parties—while ensuring that creditors receive a portion of the owed amounts. The IVA's design is to ensure that individuals can address their debts without sacrificing essential living standards, offering a route to financial recovery and stability. This structured approach allows for debt resolution in a manner that balances the interests of all parties involved, aiming for a fair and practical outcome.


Key Features of an IVA

  • Duration: An IVA typically lasts for five to six years. If there is a property involved, it might extend to six years.

  • Payments: You make monthly payments towards your debts, which are distributed among your creditors by the IP. These payments are based on what you can afford after your essential living costs are covered.

  • Interest and Charges: Once the IVA is in place, creditors are not allowed to add interest or charges to your debts.

  • Legal Protection: You are protected from being taken to court over your debts during the IVA.

  • Debt Forgiveness: Upon successful completion of the IVA, any remaining debt is written off, meaning you won't have to repay it.


Advantages and Disadvantages


Advantages

  • Debt Relief: Offers a path to becoming debt-free within a defined period.

  • Fixed Payments: Payments are based on what you can afford.

  • Creditor Protection: Creditors cannot pursue legal action for the debts included in the IVA.

  • Privacy: Unlike bankruptcy, your name is not published in the local newspaper, offering a more private solution.


Disadvantages

  • Credit Rating Impact: An IVA will negatively affect your credit rating for six years, making it difficult to obtain credit during this time.

  • Home and Assets: Homeowners may be required to release equity in their property. Some assets may need to be sold.

  • Commitment: Failing to adhere to the terms of the IVA could lead to bankruptcy.


An IVA represents a critical financial decision with significant implications for your personal finance landscape. It provides a structured, albeit stringent, pathway out of debt but comes with its own set of challenges and commitments. Understanding both the advantages and disadvantages is essential for anyone in the UK considering this option to manage their debts.



How Much Does an IVA Leave You to Live On

The question "how much does an IVA leave you to live on?" refers to the amount of money an individual will have left for their day-to-day living expenses after making the monthly repayment towards their Individual Voluntary Arrangement (IVA). An IVA is designed to help individuals manage and eventually clear their debts by making regular payments to creditors over a set period, typically 5 to 6 years. The key to determining this amount lies in the IVA budget calculation process.


IVA Budget Calculation

When setting up an IVA, an insolvency practitioner (IP) will work with the individual to create a detailed budget. This budget accounts for all essential living costs before calculating how much surplus income can be directed towards debt repayment. Essential living costs include:


  • Housing costs (mortgage or rent)

  • Utility bills (gas, electricity, water)

  • Food and household necessities

  • Transportation costs (vehicle costs or public transport)

  • Clothing and personal care items

  • Medical costs, including any insurance

  • Childcare and educational expenses


The aim is to strike a balance that allows for a realistic and sustainable monthly payment towards debts, while ensuring the individual (and their family) can maintain a reasonable standard of living without undergoing undue hardship.


Living Allowance

The amount left to live on after an IVA payment varies significantly between individuals, as it is based on their unique financial situation, including their income, essential expenses, and the total debt being managed through the IVA. The IP will use guidelines to ensure that the living expenses are reasonable, often referring to standard expense categories and amounts that are considered necessary for maintaining a basic quality of life.


Adjustments and Reviews

IVAs are not entirely rigid; they can be reviewed and adjusted if an individual’s circumstances change significantly, ensuring that the payments remain sustainable. For example, if an individual’s income decreases or their living costs increase due to unforeseen circumstances, the IP can review the IVA terms and propose adjustments to the payments.


The specific amount an individual will have left to live on after making an IVA repayment depends on a careful assessment of their income and necessary living expenses. The process is designed to ensure fairness to creditors while also protecting the individual's right to a basic standard of living. It's a tailored solution, meaning the exact figure varies from one person to another based on their unique financial situations.


How Are IVA Payments Calculated?

The cornerstone of an IVA is affordability. Your monthly payment is determined by subtracting your essential living costs (like rent, utilities, groceries, and transportation) and priority debts from your monthly income. The remaining balance is what you can realistically afford to contribute towards your debts.


There's no set minimum monthly payment across the board; it's all about what you can afford. However, a common threshold is that your monthly contribution should be at least 25% of your total debt by the end of your five-year term. This percentage ensures you only commit to what you can manage, allowing for necessary daily expenses.


Living on an IVA: Expenses and Savings

When in an IVA, your essential costs are prioritized to ensure you maintain a reasonable standard of living. The calculation of these costs is designed to cover your needs without leaving room for unnecessary expenditures. This means that while saving money isn't impossible during an IVA, it requires careful budget management and potentially limiting extra earnings to avoid additional contributions to the IVA.


IVA Fees and Costs

An important aspect to consider is the fees associated with setting up and maintaining an IVA. These include a Nominee’s Fee and a Supervisor’s Fee, which are incorporated into your monthly payments. Typically, these fees are transparent and agreed upon at the outset, ensuring no hidden costs emerge during the arrangement.


Adjustments to Your IVA

IVAs are flexible to changes in your financial situation. Should your income increase or your expenses decrease, your monthly payment could adjust accordingly. This ensures the IVA remains sustainable over its term. Annual reviews are standard practice to reassess your financial situation and adjust your payments if necessary.


Restrictions and Considerations

While IVAs offer a way out of debt without the severe consequences of bankruptcy, they do come with restrictions, especially regarding borrowing and discretionary spending. An IVA is premised on the idea that any disposable income after essential expenses is allocated towards debt repayment, thus requiring adherence to a strict budget and limiting non-essential expenses until the IVA is completed.


Thus, the amount you have to live on while in an IVA in the UK depends significantly on your personal circumstances. By prioritizing essential expenses and following a structured repayment plan, an IVA can offer a viable path to debt resolution while maintaining a sustainable lifestyle. Consulting with a licensed Insolvency Practitioner can provide personalized advice and ensure that an IVA is the right choice for your financial situation.


Living with an IVA: Financial Management and Future Planning

An Individual Voluntary Arrangement (IVA) is not just a tool for debt resolution; it's a journey towards financial stability and literacy. Understanding how to live on an IVA involves not only adhering to its terms but also adapting to a lifestyle that prioritizes budgeting, savings, and mindful spending. This section dives into the mechanics of managing finances during an IVA and how it prepares individuals for a debt-free future.


Budgeting Under an IVA

Budgeting is the backbone of financial management within an IVA. Every pound and penny are accounted for, from essential expenses like housing and utilities to allowances for clothing and personal expenses. This budgeting process ensures that while you fulfill your debt obligations, you also sustain a balanced life. The structured nature of IVAs necessitates living within a set budget, fostering discipline that serves well beyond the IVA term.


Savings and Additional Income

While IVAs are designed to channel your disposable income towards debt repayment, they also consider the real-life need to save for emergencies. Should you find ways to economize or earn additional income, it’s possible to save money during an IVA, albeit within certain restrictions to ensure fairness to creditors. Notably, any significant additional income or windfalls received during an IVA must be reported and may be partly allocated towards your debts.


IVA's Impact on Credit and Financial Recovery

Entering an IVA impacts your credit rating, with the arrangement noted on your credit file for six years. This can affect your ability to secure loans, mortgages, or other forms of credit during and immediately after the IVA. However, successfully completing an IVA can be a positive turning point, demonstrating to future lenders your commitment to responsible financial management. Post-IVA, there are strategies to rebuild your credit score, such as obtaining and carefully managing a credit builder credit card or small loan.


Long-term Financial Planning

An IVA is more than a short-term solution; it's a stepping stone to long-term financial health. The habits and knowledge gained during the IVA process—budgeting, prioritizing expenses, saving, and understanding credit—lay a solid foundation for future financial planning. As the IVA progresses, individuals often become more adept at managing their finances, planning for future goals, and avoiding the pitfalls that led to debt in the first place.


Life After an IVA

Completing an IVA is a significant achievement that sets the stage for a debt-free future. However, the journey doesn't end there. It's crucial to apply the financial discipline learned during the IVA to avoid falling back into debt. Many find that they are better equipped to save, invest, and make informed financial decisions post-IVA. Additionally, the completion of an IVA can provide a sense of relief and a clean slate, allowing for a more optimistic outlook on life and finances.


In summary, an IVA offers a manageable path through debt while teaching valuable lessons in financial management. By adhering to the terms of an IVA and embracing the discipline it requires, individuals can emerge not only debt-free but also equipped with the skills and habits for a healthier financial future. Engaging with financial advice and support services during and after an IVA can further enhance one's ability to maintain financial stability and achieve long-term goals.



What Happens If Your Financial Situation Improves Significantly During an IVA?

When your financial situation improves significantly during an Individual Voluntary Arrangement (IVA), it can have a considerable impact on the arrangement and your obligations within it. An IVA is intended to be a flexible solution to debt, reflecting your ability to pay. Significant changes in financial circumstances are expected to be reported and can lead to adjustments in your IVA payments.


Reporting Changes

The first step after experiencing a financial upturn is to inform your Insolvency Practitioner (IP). Transparency is crucial; whether the change is due to a salary increase, a new job, inheritance, or any lump sum received, it must be disclosed. This requirement is part of the IVA's terms and ensures that the arrangement reflects your current financial capacity.


Adjustment of Payments

Upon reporting the improvement in your finances, the IP will assess the new situation. Typically, an increase in disposable income will lead to an increase in your monthly IVA payment. The rationale is straightforward: if you can afford to pay more towards your debts, you should. This adjustment ensures that creditors receive a fair share of the debt owed based on your current ability to pay.


Possible Early Completion

In some cases, if the financial improvement is significant enough, you might be able to pay off the IVA early. Lump sums, such as inheritances or bonuses, can be used to propose a full and final settlement to creditors. If accepted, this could mean completing your IVA ahead of schedule, allowing you to become debt-free sooner than anticipated.


Impact on the IVA Duration

While increased payments could lead to an earlier completion, the standard duration of an IVA is five years. If your payments increase due to improved finances, but not enough to settle the debts sooner, you will continue making payments until the end of the agreed term. However, the total amount repaid to creditors by the end of the IVA could be higher than initially projected.


Windfall Clause

Most IVAs include a windfall clause. This clause stipulates that any significant unexpected income received during the IVA—such as lottery winnings, inheritances, or large gifts—must be paid into the IVA up to the total outstanding debt. This clause ensures that any good fortune benefits all creditors proportionately.


Consideration for Creditors

It's important to remember that an IVA is a proposal agreed upon by you and your creditors. Any changes to its terms, including payment adjustments due to improved finances, must be acceptable to creditors. Your IP plays a crucial role in negotiating these changes, ensuring that the adjustments are fair and reflective of your new financial situation.


Legal and Ethical Obligations

Adhering to the terms of your IVA, including reporting changes in your financial situation, is not just a legal obligation but an ethical one. It ensures that the process remains fair to all parties involved: you get a manageable way to clear your debts based on your actual ability to pay, and your creditors receive a proportionate return on the amounts owed to them.


Planning for the Future

An improvement in your financial situation during an IVA is a positive development and should be seen as an opportunity to clear your debts sooner and start rebuilding your financial stability. With the advice and support of your IP, you can navigate the changes in your IVA payments or terms, ensuring that you make the most of your improved circumstances.


The Bottom Line

Significant financial improvements during an IVA can lead to adjustments in your arrangement, potentially increasing your monthly payments or even allowing for an early completion. Such changes underscore the importance of maintaining open communication with your IP and adhering to the IVA's terms. Ultimately, these adjustments aim to balance your ability to manage your debts more effectively with the fair treatment of your creditors.



Navigating the Future: Financial Independence After an IVA

Completing an Individual Voluntary Arrangement (IVA) is a monumental step towards financial freedom. However, the journey toward long-term financial independence doesn't end with the conclusion of an IVA. This final part explores strategies for managing finances post-IVA, rebuilding credit, and leveraging new financial habits for a secure and prosperous future.


Rebuilding Credit Post-IVA

The completion of an IVA marks the beginning of rebuilding your credit profile. Although an IVA remains on your credit file for six years from its start date, actively working towards improving your credit score is essential. Start with small, manageable forms of credit, like a credit builder card, and ensure timely repayments. This demonstrates to future lenders your improved financial management skills. Additionally, regularly check your credit report to ensure it accurately reflects your current situation and to identify any areas for improvement.


Financial Management and Budgeting Skills

The disciplined budgeting required during an IVA teaches valuable lessons in financial management. Continuing to budget effectively, even after the IVA, helps prevent the accumulation of new debts and supports the building of savings. Embrace tools and resources that assisted you during the IVA, such as budgeting apps or financial planning tools, to maintain control over your finances.


Savings and Investment Strategies

With the burden of debt lifted, focusing on savings and investments becomes crucial. Establish an emergency fund to cover unexpected expenses without resorting to credit. Once secure, explore investment options to grow your wealth. Consider speaking with a financial advisor to develop a strategy that aligns with your financial goals and risk tolerance.


Avoiding Future Debts

The experience of managing an IVA provides insights into the impact of debt on personal finances and well-being. Use this knowledge to make informed decisions about borrowing and credit use in the future. Educate yourself on financial products and services, understanding the terms and conditions before committing to any form of credit. Prioritize saving over borrowing for large purchases and maintain a healthy skepticism towards 'too good to be true' credit offers.


Seeking Financial Advice

Don't hesitate to seek professional financial advice when needed. Financial advisors can provide guidance on budgeting, saving, investing, and managing credit effectively. They can also help you plan for major financial goals, such as buying a home or planning for retirement, ensuring that the decisions you make are conducive to long-term financial health.


The end of an IVA offers a fresh start and an opportunity to build a solid financial future. By applying the principles learned during the IVA, such as disciplined budgeting, responsible credit use, and effective financial planning, you can maintain financial stability and achieve your long-term goals. Remember, the journey to financial independence is ongoing, and continuous learning and adaptation are key to navigating the challenges and opportunities that lie ahead. Embrace the lessons learned, seek advice when needed, and look forward to a brighter, debt-free future.



A Real-Life Case Study Showing How Much Does an IVA Leave You to Live On


Background

Alex is a retail manager living in the UK with an annual salary of £30,000. Over the years, due to unforeseen medical bills and the accumulation of credit card debt, Alex finds themselves with a total debt of £25,000 spread across various creditors. With the monthly take-home pay of approximately £1,950 (after taxes), and facing mounting pressure from creditors, Alex decides to explore the possibility of entering into an IVA.


Calculating the IVA Payment

The first step in the IVA process is to calculate Alex's disposable income, which will determine the monthly IVA payment. This calculation subtracts essential living costs from Alex's monthly income.


Monthly Income: £1,950

Essential Monthly Expenditures:


  • Rent: £700

  • Utilities (gas, electricity, water): £150

  • Council tax: £100

  • Food and household essentials: £250

  • Transportation (bus pass): £60

  • Mobile phone: £30

  • Internet: £25

  • Insurance (home, life): £50 Total Essential Expenditures: £1,365


Disposable Income for IVA: £1,950 (Income) - £1,365 (Expenditures) = £585

Based on these calculations, Alex has £585 of disposable income, which could potentially be directed towards the IVA.


IVA Proposal and Acceptance

Alex works with an Insolvency Practitioner (IP) to propose an IVA to the creditors. Given the calculated disposable income, the IP suggests a monthly payment of £500 towards the IVA, leaving Alex with £85 for any unexpected expenses or slight variances in monthly expenditure.


The creditors agree to the IVA proposal, understanding that the £500 monthly payment is more favorable than the potential recovery from bankruptcy proceedings. The agreed term of the IVA is five years (60 months).


Financial Life During the IVA


Monthly Budget on IVA:


  • IVA Payment: £500

  • Remaining for Unexpected Costs: £85


For the duration of the IVA, Alex must live on a tight budget, ensuring that essential expenditures are kept within the calculated limits to maintain the £500 monthly IVA payment.


Annual Review Adjustments

IVA agreements typically include annual reviews to assess any significant changes in the debtor's financial situation. In the third year, Alex receives a promotion with a salary increase of 10%, boosting the take-home pay to approximately £2,145 per month.


Adjusted Monthly Income: £2,145

The essential expenditures remain largely the same, slightly adjusted for inflation:


New Disposable Income for IVA: £2,145 (New Income) - £1,400 (Adjusted Expenditures) = £745

Following the review, Alex's IVA payment is adjusted to £700, in line with the increase in disposable income, while still leaving some room for unexpected costs.


Conclusion of the IVA

At the end of the five-year term, Alex has successfully made all the agreed payments, totaling £34,000 (£500 x 36 months + £700 x 24 months), which includes the initial £500 monthly payments for three years, followed by £700 monthly payments after the salary increase. This amount is significantly higher than the original debt due to the inclusion of the IP's fees and possible interest charges agreed upon in the IVA.


Post-IVA Financial Situation

Upon successfully completing the IVA, Alex is debt-free, and the remainder of the debt is written off. However, the IVA will remain on Alex's credit file for an additional year (total of six years from the start date), affecting creditworthiness in the short term. Alex continues to apply the budgeting skills learned during the IVA to build savings and avoid future debts.


This hypothetical scenario illustrates the impact an IVA can have on an individual's daily living and financial management in the UK. While challenging, an IVA provides a structured path towards debt resolution, requiring disciplined budgeting and financial planning.



A Personal Tax Accountant Can Help You With IVA Management


A Personal Tax Accountant Can Help You With IVA Management

Navigating the complexities of an Individual Voluntary Arrangement (IVA) in the UK can be a daunting task for individuals struggling with debt. An IVA offers a way to manage debt by coming to a formal agreement with creditors, but it requires careful management and a thorough understanding of personal finances. This is where a personal tax accountant can become an invaluable asset. Their expertise in financial planning, tax implications, and debt management can provide crucial support throughout the process of IVA management.


Understanding IVA Management

An IVA is a legally binding agreement between an individual and their creditors to pay off debts over a set period, usually five years. It's designed to help those with serious debt issues to make manageable payments while protecting them from legal action by creditors. Managing an IVA effectively requires a comprehensive approach to budgeting, financial planning, and regular communication with creditors, areas where a personal tax accountant can offer expert guidance.


The Role of a Personal Tax Accountant in IVA Management


Financial Assessment and Budget Planning

A personal tax accountant can help assess your financial situation in detail to determine the viability of an IVA. They can assist in creating a realistic budget that reflects your income, essential living expenses, and debt repayment commitments. This budget is critical in proposing an IVA that is acceptable to creditors and sustainable for you.


Tax Implications

IVAs can have complex tax implications, especially if you have assets that might be affected or if your debt includes tax owed to HMRC. A personal tax accountant can navigate these issues, ensuring that you understand any tax responsibilities or benefits that may arise during your IVA. They can also advise on how to manage any tax refunds or liabilities that occur, ensuring these are handled in a way that complies with the terms of your IVA.


Negotiating with Creditors

While the negotiation of an IVA is typically handled by an Insolvency Practitioner (IP), a personal tax accountant can provide valuable support in preparing the financial documentation and projections that will form the basis of your proposal. They can help articulate the reasoning behind the proposed payment plan, enhancing the likelihood of acceptance by creditors.


Monitoring and Adjustments

An IVA requires regular reviews and possible adjustments to the payment plan based on changes in your financial situation. A personal tax accountant can monitor your finances throughout the duration of the IVA, advising on any necessary adjustments to your budget or payments. This proactive approach can help avoid breaches of the IVA terms, which could lead to its failure.


Post-IVA Financial Recovery

After completing an IVA, you'll need a plan to rebuild your financial health, including your credit rating. A personal tax accountant can guide you through this process, offering advice on savings, investments, and efficient tax planning to maximize your financial recovery.


Expertise and Peace of Mind

Perhaps one of the most significant benefits of engaging a personal tax accountant for IVA management is the peace of mind it brings. Knowing you have an expert who is familiar with the intricacies of UK tax law and debt management can relieve the stress of navigating an IVA alone.


Managing an IVA effectively requires a solid understanding of finance, tax, and debt management principles—areas where a personal tax accountant excels. By leveraging their expertise, individuals can ensure that their IVA is not only a pathway out of debt but also a stepping stone to long-term financial stability. The guidance offered by a personal tax accountant can be instrumental in successfully navigating the complexities of an IVA, from its inception through to the successful completion and beyond into financial recovery.



FAQs


Q: Can I include my student loan in an IVA?

A: No, student loans are not included in an IVA. In the UK, student loans are treated differently from other types of debt and cannot be discharged through an IVA or bankruptcy.


Q: Will an IVA affect my partner’s credit score?

A: An IVA is an individual arrangement and should not directly affect your partner's credit score. However, if you have joint debts or shared financial products, it could impact them.


Q: Can I travel abroad while on an IVA?

A: Yes, you can travel abroad while on an IVA. However, excessive spending on travel may not be viewed positively by your Insolvency Practitioner or creditors, especially if it affects your ability to make IVA payments.


Q: How soon after starting an IVA can I apply for credit again?

A: While on an IVA, you're generally restricted from applying for additional credit over £500 without the permission of your Insolvency Practitioner. It's advisable to wait until after the completion of your IVA to apply for significant credit.


Q: Will an IVA protect me from creditors taking legal action?

A: Yes, once an IVA is in place, it provides legal protection from creditors taking action against you to recover the debts included in the arrangement.


Q: Can I keep my car if I enter into an IVA?

A: It depends on the value of your car and its necessity for work or family commitments. Generally, you can keep a reasonably valued car necessary for employment or essential travel.


Q: What happens if my financial situation improves significantly during an IVA?

A: If your financial situation improves significantly, you must inform your Insolvency Practitioner. Your IVA payments may be adjusted to reflect your new financial situation.


Q: Can I pay off my IVA early?

A: Yes, it's possible to pay off your IVA early if you come into some money, like an inheritance or a windfall. However, the full debt amount, along with the IP’s fees, may need to be covered.


Q: What if I can't make my IVA payments due to a change in circumstances?

A: If you're unable to make payments due to a change in circumstances, contact your Insolvency Practitioner immediately. It may be possible to adjust your payments temporarily.


Q: Does an IVA cover all types of debt?

A: An IVA covers most types of unsecured debt, such as credit cards, personal loans, and overdrafts. It does not cover secured debts like mortgages, student loans, court fines, or certain types of taxes.


Q: What happens to my home if I enter into an IVA?

A: Your home is generally protected in an IVA. However, you may be required to attempt to re-mortgage your property in the final year of the IVA to release equity for your creditors.


Q: Can I have a bank account while I'm on an IVA?

A: Yes, you can have a bank account while on an IVA, but you may need to switch to a basic account without an overdraft facility.


Q: Will I still receive interest and charges on my debts during an IVA?

A: No, interest and charges on the debts included in your IVA are frozen once it is approved, preventing your debt level from increasing.


Q: Can self-employed individuals enter into an IVA?

A: Yes, self-employed individuals can enter into an IVA. It can be a way to manage business-related debts without ceasing trading.


Q: What is the difference between an IVA and bankruptcy?

A: An IVA is a formal agreement to pay back a portion of your debts over time, while bankruptcy is a legal declaration that you cannot pay your debts, leading to a different set of consequences, including potential asset liquidation.


Q: Are IVAs recorded on a public register?

A: Yes, IVAs are recorded on a public register, the Individual Insolvency Register, but this is mainly accessed by financial companies and is not as publicly visible as bankruptcy records.


Q: How is an IVA approved?

A: An IVA needs to be approved by creditors holding at least 75% of your debt value. Your Insolvency Practitioner will arrange a creditors' meeting for this purpose.


Q: Can creditors reject my IVA proposal?

A: Yes, creditors can reject your IVA proposal. If this happens,your Insolvency Practitioner may suggest alternatives or modifications to the proposal to try to secure their approval.


Q: How does an IVA affect joint debts?

A: For joint debts, the other person on the account will still be liable for the full amount of the debt if you enter into an IVA, unless they also enter into an IVA or another form of debt management.


Q: What happens at the end of my IVA?

A: At the end of your IVA, provided you've met all the terms, any remaining debt covered by the IVA will be written off. You will then receive a completion certificate from your Insolvency Practitioner.


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