I have an IVA. What changes do I need to tell you about?

If any changes to your circumstances might affect your ability to meet your obligations under the IVA, contact us immediately.

You should also tell us if you receive any unexpected large payments such as inheritances. These could affect your IVA and could be payable into the arrangement.

Please ensure that you notify us of any address or telephone number changes.

How will my IVA monthly contributions be taken?

You would normally use a standing order to make your monthly contributions to the IVA.

You can also make contributions by debit card by calling our Account Management Team on 0344 826 0625 and selecting Option 1.

You need to make sure that contributions are made on time and in accordance with the agreement. If you have any concerns regarding this please contact us immediately.

My IVA payment is due but my standing order hasn’t been set up. What should I do?

Only you can set up a standing order so it is important to act quickly. Please contact your bank to set up the standing order – we can provide a standing order mandate for this.

Above all, don’t spend the funds, you have committed to contributing to the IVA so it is vital to adhere to the terms and conditions. If time is against you don’t forget that you can make a debit card payment whilst your standing order is being processed.

I have an IVA and I’ve received a bonus or overtime payment. What do I do?

In most IVAs, half of any overtime or bonuses must be paid into the arrangement as additional funds for the benefit of your creditors (see section 2.4 in your proposal).

You can forward details to our Review Team, who will work out what needs to be introduced for you. It makes sense to pay these amounts over as you go. However tempting it may be to hang on to the cash it will need to be paid in the end – and it’s much harder to catch up if you leave it. Creditors may have imposed modifications to this, which will be shown in your Chairman’s Report.

In an IVA when do my creditors receive payment?

There are industry standard arrangements in place for sending cash to your creditors. Typically we send the money every quarter. On some older cases it may be less frequent. But this is a matter between us, and your creditors and doesn’t affect your IVA. Don’t forget all interest and charges are stopped whilst the IVA is in place.