During an IVA

Undertaking an Individual Voluntary Agreement is a big responsibility. Before you go into an IVA, you first need to have an idea of what will happen once you get one approved:

The most significant change will affect your finances – you need to stick a certain budget so you stay on top of your debt payments.
You will no longer be allowed to make or incur further debt.
With an IVA, you will not be allowed to use credit cards or store cards anymore. You will not be allowed to take out any loans.

Changes during the IVA

In making modifications to your finances and lifestyle, make small adjustments on money you will spend for certain occasions:

You can cut back on buying presents for Christmas; this is a great way to keep within your budget for the holidays as well as allow you to stay on top of your debt payments.
If there is difficulty adjusting, let your Insolvency Practitioner know, talk to your IP and let him know where you stand. He may be able to help you negotiate some changes in your agreement especially if the changes you want to be made are valid.
Another change will be the elimination of any calls from creditors asking for payments to your debt. If any communication is needed, creditors will have to go through the Insolvency Practitioner handling your IVA.

As most people who do IVAs are close to bankruptcy, failing to complete the IVA successfully is out of the question.

Make sure you have a sensible/reasonable budget so you stick to your payment plan.

If you encounter any problems making payments, let your IP know. Successfully completing an IVA is simple as long as you maintain the terms of your IVA faithfully.

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