Debts in the News
Sharp Rise in Repossessions.
Repossessions were up 40% in the first three months of 2008, compared to the previous year – and things look set to get worse. [more...]

Number Of People Going Bust On The Decrease
The number of people declared insolvent in England and Wales fell slightly in the 2nd quarter of 2008. Being declared insolvent mean become bankrupt or entering into an IVA. [more...]

How Long Before You Run Out Of Cash?
The average person's savings would last for 52 days if other income ceased, a report by the Yorkshire Building Society has suggested. [more...]

The average household is 15% worse off than in 2003
Consumer spending power has fallen dramatically due to rises in the cost of living according to a report by Ernst & Young. [more...]

IVA Question


Are the terms of an IVA always fixed for the duration of the IVA ?


No. Anyone on an IVA will be subject to an annual review, conducted by the IVA supervisor. If the Debtor’s circumstances change during the IVA, then the terms of the IVA may to altered to take these changes into account. For example, an increase in income may result in IVA payments having to increase.

Typically 50% of any extra income not included in the original IVA proposal will be required to be paid into the IVA. This will depends on personal circumstances; for example, the break up of a marriage may impact household income, which would be taken into account.

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