Can creditors change their minds after IVA has been agreed?
  No. The IVA is a formal, legally-binding arrangement, so once the creditors have agreed to it, they cannot pull out or renegotiate the terms. This is one major benefit of an IVA compared to informal repayment plans, where the creditors can alter their position whenever they feel like it.

What happens if some creditors refuse, and others accept?
For an IVA to be successful, you need most of the creditors to accept the proposal. It will then be legally binding on the others, even if they refuse. To be more precise: of the creditors who respond to your IVA proposal, those who have lent 75% of the total debt represented by vote need to accept the IVA. For this reason, if you have four creditors or more, your IVA proposal will have a better chance of success.

For more information see:
IVA Helpline


 
 
     

 

 
Action Bar

IVA help ForumThe IVA Forum: Top 30 Hot Topics
 
Active Topics on IVA Forum
<t>New job credit card</t> (by: disneygal)
<t>Opening a bank account for a non-profit association</t> (by: elena546)
IVA Debts still on credit file (by: wakeywakey)
Quick q (by: Lahoretiger)
My time for annual review. (by: Lauren1995)
Full and final offer process (by: TallulahStar)
<t>Back pay award</t> (by: Tametinn1)
<t>PPI and my wife’s half</t> (by: george729)
<t>Full and final and a settlement - difference?</t> (by: Cupcake08)
<t>PPI is not my money</t> (by: clare413)
Offer (by: Lahoretiger)
<t>Extra income after retiring</t> (by: wolvestone)
Full and final settlement info needed (by: Emmad8035)
Lump sum offer in 1st year. (by: Debtlife)
New IVA Questions (by: NiksIVA)
<t>Bounce back loan on an IVA</t> (by: paul636)
Creditfix changes mind (by: Diesel6976)
<t>PPI and a cancelled IVA</t> (by: neil629)
<t>Pension scheme payments</t> (by: tim595)
Recieved completion certificate (by: ashbock123)
<t>Redundancy pay</t> (by: michelle392)
<t>Assistance with IVA or DMP</t> (by: jennifer295)
<t>Lump sum to clear iva</t> (by: helen670)
<t>RX1 form and my partner</t> (by: louise657)
What do banks do once they get an iva request (by: Lahoretiger)
Step change iva or shell i contact creditors direct (by: Lahoretiger)
<t>Do I have to claim child maintenance?</t> (by: agusia)
Credit report updating (by: Flavour79)
Iva and nationality (by: Lahoretiger)
<t>Overtime during pandemic for NHS worker</t> (by: emily695)
Forum BrowseForum JoinForum Search

Free Debt Guides
FREE useful guides!