Will I be able to afford to live when I have an IVA?

As a responsible IVA company, we would never set you a monthly repayment amount that was going to cause you further financial problems. Your income and reasonable living expenses will be evaluated and then you will be given a figure based on these that you’re expected to pay every month for the benefit of your creditors.

Expensive items and luxuries such as holidays abroad and new cars won’t be on the agenda when you sign up for an IVA. Your creditors will expect you to tighten your financial belt and as such make as big a contribution as possible to paying them back.

You will of course be allowed reasonable expenses such as utility bills, mortgage payments, food, clothing, travel expenses for work etc but you should be prepared that you’re going to have to make a number of lifestyle changes in order to be able to comply with the terms of your IVA.

Remember that your IVA is a legally binding agreement between you and your creditors so as tempting as it may be, splashing out on something at the expense of your IVA repayment could result in you facing bankruptcy and losing your home and job.

Call now on 08000 43 43 47 to discover if an IVA could be the solution to your debt problems or complete our IVA Wizard and see if you qualify for an IVA.