Does my IVA Specialist or Creditors monitor how much I spend ?
No – but each year your IVA Practitioner reviews your circumstances to ensure that you are paying an appropriate amount to your creditors.
What if I need unexpected money quickly ?
You can ask you IVA practitioner for a ‘payment holiday’. This is usually added on to the end of your payment period. (eg if you take a payment holiday of 3 months then this ias added to the end of your 5 year IVA – making it 5 years and 3 months)
Can I pay off my IVA early ?
Yes, you can do this at any point during the IVA.
Will I lose my home?
Your house cannot be taken away from youbut you may be asked to remortgage (Usually onto an interest only mortgage or to release equity held in the house)
I have a car on finance – can I keep it in an IVA?
Yes – many people in an IVA continue to pay their car finance payments in order to keep the car