Popular Questions

How long will an IVA/Trust Deed last?

An IVA can last any length of time, but they usually last about 5 years. A Trust Deed can last any length of time, but they usually last about 3 years.

Wll I lose my house?

No. But should you have equity in your house, savings or other assets then these will be taken into account when making an offer to creditors.

How much will I need to pay each month?

This is determined by you, however it should be as much as you can reasonably afford after you have paid any essential items such as mortgage / rent, food etc.

When is the best time to set up a Trust Deed / IVA?

In short, as soon as possible. This will highlight to you creditors that you are doing everything possible to tackle your problems and prevent your current debts from getting any larger.

Does the Trust Deed / IVA apply to all of my creditors or can I leave some of them out?

All of your unsecured creditors should be included. If some of your debts haven’t been included this could be seen as a serious problem and the supervisor may have to fail your arrangement.