If you are thinking about proposing an Individual Voluntary Arrangement to your creditors, you should be clear as to what debts must be included in the IVA proposal and which debts must be excluded.

Your Insolvency Practitioner (IP) will verify this for you but even before you take that first step of seeking advice you should be aware that not all debts can be addressed via an IVA. Some debts must be paid in full on an ongoing basis and you must make allowance for these when preparing your monthly household Income and Expenditure Statement. Continue reading →