IVA Frequently Asked Questions
Q: Will you charge me a fee for your advice?
A: No. Any initial meeting and advice is provided by The Debt Solutions Network completely free of charge.
Q: I am not a homeowner. Is this a problem?
A: No. The Debt Solutions Network can assist you with an IVA whether you are a homeowner or not.
Q: Will you arrange another loan to repay my creditors?
A: No. An The Debt Solutions Network IVA reduces your debt without the need for extra loans.
Q: Will I have to wait a long time to find out if an IVA will work for me?
A: No. An The Debt Solutions Network debt advisor will usually be able to tell if you an IVA is suitable on the telephone.
Q: Can all of my debts be included in an IVA?
A: All your unsecured debts can be included in an IVA. You cannot include fines, CSA debts, or student loans in an IVA.
Q: What will happen to my home if I enter into an IVA?
A: An IVA protects your home, and you won't be forced to sell your house.
Q: Is an IVA the same as Debt Management?
A: No. Unlike debt management, an IVA is legally binding. It must be observed by all your creditors, and is managed by a licensed Insolvency Practitioner.
Q: Will my creditors still contact me if I enter into an IVA?
A: No. Your creditors will be handled by The Debt Solutions Network throughout your IVA.
Q: How long will my IVA last?
A: The usual term of an IVA is 5 years, although an IVA can be arranged for slightly longer or shorter terms in special circumstances.
Q: How much will my monthly repayments be?
A: This will depend on the scale of your debts and the reductions that can be negotiated by The Debt Solutions Network. However the usual minimum payment in an IVA is around £250.
Q: Who is The Debt Solutions Network?
A: The Debt Solutions Network is a leading IVA provider launched by highly experienced licensed Insolvency Practitioners and IVA experts.
Q: Can I keep my business?
A: Yes. Unlike bankruptcy, you can remain a company director in an IVA.
Q: Who will find out if I have an IVA?
A: Your IVA will not be publicised, unlike a bankruptcy. Your IVA is a private agreement between you and your creditors.
Q: Will I still be able to get credit?
A: No. You will not be able to borrow more money or take out a credit card during the term of your IVA.
Free IVA Advice from The Debt Solutions Network
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