IVA Squirrel : Can creditors change their minds after IVA has been agreed?

IVA Squirrel - Debt and IVA Advice from an IVA Expert

Can creditors change their minds after IVA has been agreed?

	No. The IVA is a formal, legally-binding arrangement, so once the creditors have agreed to it, they cannot pull out or renegotiate the terms. This is one major benefit of an IVA compared to informal repayment plans, where the creditors can alter their position whenever they feel like it. What happens if some creditors refuse, and others accept? For an IVA to be successful, you need most of the creditors to accept the proposal. It will then be legally binding on the others, even if they refuse. To be more precise: of the creditors who respond to your IVA proposal, those who have lent 75% of the total debt represented by vote need to accept the IVA. For this reason, if you have four creditors or more, your IVA proposal will have a better chance of success.

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Find out if you can do an IVA:

Total debt (not including mortgage)

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No. of Creditors (Companies you owe money to)

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Monthly Income (approx)

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Monthly Expenses (don't include debt repayments)

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	This wizard will tell you whether the IVA is the right solution for you, what the monthly repayments would be and how much of your debt an IVA would write off. If an IVA isn't the right solution then the wizard will recommend 1 of 3 other possible options.