Your creditors can chose to accept or reject the proposal for an IVA. Alternatively, creditors may ask for modifications to the proposal that you have put forward before they will agree to the IVA. You should discuss any modifications with your Insolvency Practitioner.
You may be asked to sell valuable assets, but you are able to keep most of the things you need for day-to-day living.
If you are a property owner, and you have equity, you may have to re-mortgage to pay a lump sum into your IVA in the 4th year of the arrangement.
If you are unsure whether an IVA will affect your job, you must check the terms and conditions of your contract of employment. You can also speak to your union representative or personnel department.
An IVA is a legally binding agreement between you and your creditors. If you have an IVA and are struggling to pay it, you should talk to your Supervisor. Your Supervisor is the person who arranged your IVA. They will be able to help and support you with any problems you are having.
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