IVA question

tsunamijon

I entered into an IVA less than a year ago, but i have a few questions unanswered and wondering if anyone could help with them?

1) Will my IVA restrict me getting certain jobs? e.g. could i work in an (investment) bank? If there are problems, would this restriction be lifted after the IVA term?

2) Could i gain funding for a studentship, e.g. for a PhD i might receive £15k tax free per year, and then use this allocation to make my monthly IVA payments instead of a regular job? Or would this be prohibited? I personally don't see it as any difference as my creditors would still receive the money, but don't know for sure if there are any rules against it.

3) Can i pay off my IVA early? For example after 4 years of the 5 year term, could i make a bulk payment for the last year if i received this money as 'a gift' from somebody else?

4) How difficult (realistically) will it be to get credit after my IVA term? How long will i have to wait to be able to get a mortgage (if possible)? Will I be allowed a credit card again?

5) How will my IVA payments change if my pay goes down or up?

Your help much appreciated!

james32_uk

tsunamijon wrote:

I entered into an IVA less than a year ago, but i have a few questions unanswered and wondering if anyone could help with them?

1) Will my IVA restrict me getting certain jobs? e.g. could i work in an (investment) bank? If there are problems, would this restriction be lifted after the IVA term?
There's a few. Police and Army for some strange reason. Dont know about financial institutions. Probably depends on individual contract of employment. I'm sure there's no problems once you've completed though.

2) Could i gain funding for a studentship, e.g. for a PhD i might receive £15k tax free per year, and then use this allocation to make my monthly IVA payments instead of a regular job? Or would this be prohibited? I personally don't see it as any difference as my creditors would still receive the money, but don't know for sure if there are any rules against it.
Once you're in an IVA I dont think it matters as long as it gets paid.

3) Can i pay off my IVA early? For example after 4 years of the 5 year term, could i make a bulk payment for the last year if i received this money as 'a gift' from somebody else?
If you want to pay off early you need to apply for a full and final settlement. This involves another creditors meeting where they vote similarly to how they did when they accepted you.

4) How difficult (realistically) will it be to get credit after my IVA term? How long will i have to wait to be able to get a mortgage (if possible)? Will I be allowed a credit card again?
6 years from the start of your IVA you can apply to have all record of your IVA and associated debts removed from your credit file. Then the only difficulty will be creditors being suspicious of 6 years with no credit history showing.

5) How will my IVA payments change if my pay goes down or up?
You will have a review probably every 6 months or 12 months. At these reviews your circumstances will be reviewed and you payments can go up if your income has increased. They cannot go down.

Your help much appreciated!

These answers are only my best guess. Best check yourself with your IP.