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Debt Advice Forum Forums Debt Solutions IVA Full & Final IVA

This topic contains 6 replies, has 3 voices, and was last updated by  Debt Consultancy Service 2 years, 4 months ago.

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    I am in the process of doing a full and final IVA, or at least that’s what i thought. The organisation i spoke to told me i could use the equity in my property to pay into an IVA and once paid that the rest of my debt would be written off. The insolvency practitioner is now saying that i may have to still make payments even after paying in my equity.


    Hi Andy,

    It would depend on your personal circumstances such as if you’re working, how much disposable income you have, however that should have been explained from the start.

    Has your IP said why they would be looking to take payments, do they think there is a disposable income?



    Hi sorry for the late reply i have since spoke to my insolvency practitioner and they said they believe i will have a money for my debt.


    Hi again Andy,

    In some case people will come into money while in an IVA or will end up paying back the full debt and fees.

    It’s not really for us to say whether a debt management plan who have been a better solution because we don’t know your full circumstances.

    Both the debt management plan and the IVA would affect your credit rating and the IVA does guarantee to freeze your interest and charges.

    Also because it’s a formal debt solution an IVA protects you from further action being taken once you enter the solution.

    However it should have been fully explained to you that contributions may be taken even after you agreed to a full and final.



    Oh ok i didn’t realise my credit rating was at risk with a debt management plan so is suppose the IVA did work out ok.

    I might put in a complaint about not being fully informed however because it may have changed my decision to enter the IVA.


    Yes any time the contractually agreed payments are not made it’s a default which can be registered with credit referencing agencies.

    If you do wish to make a complaint about the company who advised you the first step would be to go through their complaints procedure, which should be on their website. If you don’t feel the answer you receive is sufficient you can complain to the financial ombudsman.



    Your situation sounds concerning and I would like to help you.
    I am a debt expert advisor; you can call me at my office – 01392 911000 and we can discuss this through and hopefully help your situation.


    Alternatively, if you would prefer to email me, at Debt Consultancy Service, you can by visiting http://www.debtconsultancyservice.co.uk and going to the contact us section or by direct email: Charles@debtconsultancyservice.co.uk.


    Looking forward to helping you,




    Debt Expert Advisor


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