Most frequent questions and answers
An IVA generally lasts for 60 months or 5 years and ends if you pay off all your debts during this duration.
If you are tired of being chased by your creditors, suffering from chronic stress and tarnishing your credit history, an IVA is a viable solution for you to write off all your debts once and for all.
Getting an IVA influences your life, positively and negatively- it basically depends on you whether the pros outweigh the cons or not. Its positives are that it allows you to be debt-free for good after 5 years, helps you start afresh, improve on your credit score and finally get your financial situation on track without having to take the phone calls and harassment of your creditors.
Its downsides are that initially it lowers your credit score and you won’t be permitted to take any credit while you are paying off your IVA installments. Since the pros usually outweigh the cons for most people and because an IVA allows you to eventually become debt-free, it primarily has a positive effect on your life.
During the duration of an IVA, your credit score will drop, but this does not mean it will stay the same for good. It will be taken off from your file once you have paid off the IVA allowing you to reconstruct your credit score from scratch and start fresh.