Stepchange IVA or individual voluntary arrangement is a legal debt solution that can be conducted in place to assist you to deal with your debts and make you debt-free. Being one of the most well-known debt management companies, If we have suggested an individual voluntary arrangement for you, it’s because we believe it’s the most appropriate as well as the solution to your debt-oriented issues.
So, during the IVA settlement plan, you will find that queries arise from time to time. You might also be uncertain about your rights or how an individual voluntary arrangement might influence certain things in your life. Today we are going to share lots of information to debt help you be aware of & manage your IVA settlement plan.
What to expect when you are in IVA settlement plan
Month 0 – the meeting of creditors
While meeting lenders, they’ll consider the individual voluntary arrangement proposal we assisted you to put together. It completely depends on the creditor whether or not they approve the IVA settlement plan & we can not force them to give the approval. But, we’ve a high individual voluntary arrangement approval success rate, & will make every effort to assure your IVA settlement plan proposal is budget-friendly for all concerned.
Day 1 – your IVA is approved
It is the day when your IVA settlement plan gets approved and & lenders will stop adding additional charges as well as interest to your account. And, a great beginning looks into setting up the IVA settlement by Direct Debit.
Week 2 – Hello from us!
Our highly professional financial debt advisor team will give you the very first IVA email newsletter. Here, you will find all the details regarding your IVA settlement plan. You will get a new one every quarter & this will be packed with lots of money-saving tricks & the latest debt-oriented information!.l
Month 1 – Your welcome pack
Well, the welcome pack is on the way. This will provide you with the necessary details on what will happen in the IVA settlement process & has helpful answers to frequently asked questions.
Month 1 – Living on the new budget plan
Well, this is the first month where you are required to live up to the newly planned budget that our professional financial advisor put together. So, each & everything would have been accounted for, henceforth, you require to handle to stay on top of the living costs & household bills. And if not, kindly contact us & we will be delighted to help.
Month 2 – Your very first payment
The IVA settlement payments should begin this month. And you find that you are facing difficulties to keep to the budget, in such cases, simply let us know about this situation. This is pretty much important that your budget properly works for you when you are dealing with the daily living expenses.
Month 4 – Peace as well as quiet
The phone calls as well as the letters from your lenders must have stopped by such a point. If you are still being harassed by your lenders, then let me know about the situation!
Month 8 – Are you hearing from collection agencies?
Some lenders might be passing your debts to agencies better able to handle the IVA settlement plan. Well, there are some of the easy and straightforward steps you can take if you are hearing from collection firms while on the IVA settlement program . Our financial professionals can talk through this if you get in touch with us and let us know the situation.
Months 10/11 – Reviewing the IVA settlement plan
You will hear from us in a few weeks leading up to the IVA’s birthday to set a time for your first annual IVA review. After some weeks, you will get the first annual report in the post.
1 year in
You have reached your full year on the IVA settlement plan. Congratulations! You must be well into the swing of all the thi now, however if you have any kind of concerns or questions simply let us know.
Your IVA is 2!
Each year, around the anniversary of the IVA settlement plan, we will conduct the annual review. If you have not had any modifications or issues you might not hear from us between the annual reviews.
Happy 3rd birthday!
You are aware of the drill by now! And congratulations on the success so far, you are well on the path to becoming debt free.
And your IVA settlement plan is 4!
For you, it is nearing the end point of the arrangement. And depending on whether the IVA was initially 5 or 6 years, you might only have just one year left.
The final 6 months
In case if you purchase a property during the IVA settlement plan, it’s time to check to determine if there is any equity available out there. If not, we might need to extend the IVA by a further 2 year. And it can be defined in more detail during the review process
Success!
You have successfully finished the IVA settlement plan. But, long it’s taken, & whatever happens along the way, you need to find life much less worried than when you first contacted us. So, congratulations & well done. Here is to a brighter future.
In case of further details regarding iva stepchange or any confusion about “is stepchange an iva”, let us know in the comment section below…we will be happy to answer all your queries!!!
Questions generally clients ask while beginning their IVA settlement plan
Can I miss the payments into the IVA settlement plan?
So, under very particular situations we do enable our clients to miss a monthly payment into the IVA.
How do I pay council tax when on the IVA settlement plan?
Depending on the situation, you might be required to pay the council tax in a different way to how you have paid it in the past. Simply explore how to pay the council tax when you are on the IVA.
You must also gather all the details of properties or other commitments you may have like property value, finance agreements, & mortgage or hire purchase balances that you require to pay off.
I have been made redundant – will it pose an impact on my IVA?
Redundancy means an important change in the financial condition. If you are on the IVA settlement plan & have been made, or just about to be made redundant, let us aware of about this as early as possible.
Can I remortgage my property like houses during the IVA?
Well, genting a remortgage on the property might be an important step during the IVA. Our professional advisor will talk more about this with you required to remortgage for paying off the IVA.
What will happen to the IVA if my relationship ends?
Well,should a person who is on the IVA finish their relationship with a partner or cohabiting spouse, they will be required to let us aware of as early as possible. And it is because the living costs & priority bills might be influenced, or there might be other modifications that we would require to consider.
Can I take out credit on an IVA?
Only in a pretty rare case scenario are you able to take out further credit during the IVA. You will require written permission from the professional insolvency practitioner (IP) before taking out any credit.
My monthly earning has increased while I have been on the IVA settlement plan- what should I do?
We require to know whenever your monthly earning goes up or down, & so do your creditors. Feel free to let us know if you’ve any modifications of situations during the IVA.
How do I clear up the credit file when the IVA gets completed?
When your IVA settlement plan is paid off, it’s actually worth enhancing the credit file. One approach would be to be sure you are registered on the electoral roll, however there are other things as well that you can do.
Can my lenders still get in touch with me when I’m on the IVA settlement plan?
Lenders chasing or getting in touch with you should significantly decrease while you are on the IVA settlement plan, however it won’t stop entirely & it generally is not anything to worry about. And over the first few months of your step change IVA contact from your lenders should eventually begin to reduce.
