Debt you didn't know about

If a debt comes to light after the IVA has been set up, you must tell your insolvency practitioner (IP) about it straight away.

The law calls these creditors unknown creditors.

The IVA is legally binding on any creditors that are discovered later on. This means they must stick to it and they can’t take any other action against you to get their debt back. Some of your monthly repayment will go to them.

Your IVA must include terms and conditions for how any unknown creditors will be paid if they are discovered later on. Unknown creditors are entitled to receive some of your monthly payments, even if you don't discover them until after the IVA has finished.

Unknown creditors who are not happy with the arrangement that you've made with the other creditors can apply to the court to challenge the IVA. They have 28 days from the date that they find out about the IVA to challenge it.

If you don’t think you owe the debt, you should tell your IP this and that you want to challenge it.

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Frequently asked questions.

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IVA explained

What does an IVA really cost.

What actually is an IVA (Individual Voluntary Arrangement)

Individual Voluntary Arrangement (IVA) or Bankruptcy

Debts an Individual Voluntary Arrangement (IVA) can include

Can you afford an Individual Voluntary Arrangement

Is an IVA the right choice

Is an IVA right for you
What impact an IVA could have on your job and processions
Being a home owner
Your credit rating
Bank accounts, savings and pensions
Lasting power of attorney

What impact will an IVA have on your job & processions

What happens to bank accounts, savings and pensions with an IVA

Doing an IVA if you're a lasting power of attorney

Deciding whether an IVA is right for you

Credit rating with an Individual Voluntary Arrangement (IVA)

An IVA if you're a home owner

Setting up an IVA

Choosing MoneyFresh
How an IVA is set up
IVA proposal and creditors
Preparing for the Isolvency Practitioner
IVA protocol

Talking with the Insolvency Practitioner (IP)

Individual Voluntary Arrangement (IVA) code of practice

IVA proposal and meeting of creditors

How is a Individual Voluntary Arrangement (IVA) set up

Choosing the right IVA provider

Managing your IVA

Maintaining your IVA over time
Your circumstance have changed
Add more debts after an IVA has started
Failing your IVA

Managing your IVA

If you fail your Individual Voluntary Arrangement

Circumstances have change when in an iVA

Adding debt when you are already in an IVA

Having issues with an IVA?

Struggling with your IVA repayments
Missed a IVA payment
Your creditors are still contact you
Cancel your IVA
Make a complaint about the IP (Inslovence Practitioner)
Make a complaint to the DMP (Debt Management
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Need to make a complaint about an Insolvency practitioner (IP)

Missed your Individual Voluntary Arrangement (IVA) payment

Make a complaint about a (DM) Debt Management Company

Finding it difficult to pay your IVA

Creditors are still contacting you when in an IVA

Cancelling your Individual Voluntary Arrangement (IVA)