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Managing an IVA

Individual voluntary arrangements and your creditors

Creditors chasing or contacting you should reduce significantly while you’re on your IVA, but it won’t stop completely and this isn’t anything to worry about.

Being contacted by your creditors while you’re paying them back through an IVA can be worrying and frustrating, but it’s normal during the first few months. This is because it can take some time for creditors to update their records after your IVA is approved. However, over the first 3-6 months of your IVA contact from your creditors should gradually start to reduce.

But, while it’s normal to still get letters or emails chasing the money you owe, if you receive any threatening debt enforcement action, such as from bailiffs or about a County Court judgment (CCJ), you should contact us or your IVA supervisor as soon as possible.

Why would creditors usually contact me during my IVA?

You’ll probably receive annual statements and default notices for your accounts from your creditors during your IVA.

Annual statements

Creditors are obliged to send you statements at least once a year, and these aren’t demands for payment. This is perfectly normal and nothing to be worried about.

Default notices

You may also receive letters telling you that a default notice has been added to your credit file. Default notices are issued to record that by entering into an IVA you’re no longer making your contractual payments.

No further action comes from this. If you receive any letters about getting a default notice, you don’t need to send them to us or your IVA supervisor.

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What do I do about a letter threatening court action?

It’s important you don’t ignore letters threatening debt enforcement action, such as a request to respond to County Court forms. You must let us know about this and send a copy to your IVA supervisor.

Creditors aren’t entitled to take any such action while your IVA is in place. We'll contact them on our clients’ behalf to remind them about the IVA and ask them to stop taking action.

What's a 'Notice of Assignment'?

A ‘Notice of Assignment’ is a letter about a debt that has been sold on to a third party, such as a debt collection agency

Creditors are still entitled to buy and sell any debts listed in your IVA, but the creditor who buys the debt will still be bound by the terms of your IVA. They can’t take any action to recover the debt.

The ‘Notice of Assignment’ letters aren’t demands for payment, they are sent to you for information only. If you receive any, please send them to us so we can update our records and ensure any correspondence is sent to the right creditor.

Applying for an IVA?

Before you consider an IVA you should use our online debt advice tool. This will give you impartial and confidential advice to find out whether an IVA is the best debt solution for you.

If you’d prefer to talk to us, call our advice team (free from all landlines and mobiles) and speak to one of our expert advisors.