IVA’s Explained Blog 5 ~ Debt Managements and Consolidation

Good afternoon and welcome to the fifth and final instalment of this weeks IVA themed blogs. On Monday in the first blog I talked about what an IVA is, how it works, how it is set up and the creditors meeting. In blog two on Tuesday I talked about assets, your home, your mortgage and re-mortgaging. On Wednesday for the third blog I talked about your debts and what type of creditors each debt is classed as. And then yesterday for the fourth blog I talked about your income, how we calculate it, what income is used, additional income and benefits.

For this last blog of the week I wanted to talk a little about what happens once your IVA has finished. In your initial IVA proposals we would put forward that you make 60 payments over 5 years. As mentioned in a previous blog, you could possibly be asked to make a further 12 payments if you have a mortgaged property and are unable to release the equity. The IVA stays on your credit reference for six years. Therefore assuming you maintain your IVA payments it will only appear on your file for one further year or at the end of your arrangement depending on your plan length. After the six years your credit reference won’t show anything at all.

At this stage you will be debt free.

I am hoping that by now you should all have a clearer knowledge of IVAs, but if not and you do have any questions then please do not hesitate to get in touch. You can visit the Debt Questions forum which has a lot of other information and the opportunity to post your own questions or post questions on the Facebook discussion board or on one of the blogs or simply call our Helpline 0800 2802816 where someone will be on the end of the phone to hopefully help you.

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