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
Any ideas what I should do? (by: roxana)
Admin charges have increased (by: Sandra.m)
Who to make complaint (by: binhad)
Can I change car whilst in IVA (by: stuart593)
Personal injury (by: Aisha)
Contact from your DMP (by: IVAconfused75)
Deposit refund (by: karen575)
Best News Ever (by: louise492)
IVA whilst in IVA (by: jenny726)
Tenancy checks post IVA (by: Amy.j)
No completion certificate (by: lisa936)
Could an iva work for me? (by: hassan)
Mobile Phone Contracts (by: Itsallouttherenow)
Last year of my IVA (by: jason305)
CCJ still on credit file (by: marie828)
Iíve got a ccj from hmrc (by: andrew783)
My IVA didnít work for me (by: cyril)
PPI cheque (by: jackie352)
Defaulted Then Settled - Some Accounts Don't Say Settled After (by: GoonerDad)
F&F creditors meeting this time next week!!! (by: Bex12)
Do I have to include children's DLA in my IVA income? (by: lisa156)
Managing money (by: dorothy245)
IVA fraud?? (by: john557)
Is my IVA allowed to take my PPI (by: sue287)
PPI taken after completion (by: tamara)
Savings help for low earners (by: Foggy)
Inheritance while in an IVA (by: gemma512)
Starting an iva but I am worried (by: Jodieleanne)
Back pay (by: katana2471)
Completion certificate (by: barassic)
Forum BrowseForum JoinForum Search

Free Debt Guides
FREE useful guides!