On an IVA with us? When to call CCCSVA

A bit of inside knowledge

Here at CCCSVA we’re happy to answer any queries from all of our IVA clients. However, to help give you an idea of when you should call us we’ve put together five simple scenarios in which you’d need to give us a ring straight away.

If we’ve not mention your circumstances below, read our five most asked IVA questions to see if there is an answer to your query before you call.

I’ve been made redundant

Unfortunately this has become more common since the onset of the credit crunch.No matter how much your circumstances change we’ll do our best to ensure that you get the correct advice.

Being made redundant doesn’t necessarily mean your IVA fail. The terms of your proposal will set out what will need to happen.  If you need some time to find another job we can usually help you to deal with the issues to ensure that the IVA remains on track to be successfully completed.

If you have been made redundant it’s best to give us a call for advice on your circumstances.

We’re having a baby

Good news for you might be bad news for your IVA budget.

The best thing to do in this scenario is tell us as about your change in circumstances as soon as possible.  We can guide you through what needs to happen to ensure that your IVA remains on track to successfully complete.

We’ve split up

When a relationship ends it can be a stressful time, especially when your finances are jointly linked. Whether you’re in a joint IVA with your partner or a single IVA but living on a joint budget we can discuss the options available to you.

The most important thing is to keep your Supervisory caseworker updated with your current circumstances and discuss what actions need to be taken to deal with your finances.

My car needs repairs

A vehicle can be vital for getting to and from work, or for general domestic needs.

Your IVA budget allows you a certain amount of money each month to pay for spares, servicing and MOTs. You should be putting this cash aside every month to pay for these motoring related costs.

However if your vehicle genuinely has blown a gasket you should give your Supervisory case worker a call to see what we can suggest (for your IVA, not for the gasket!).

I’ve come into some money – I want to pay in full

During our time administrating IVAs we’ve seen many ways people can suddenly come into money (including a lottery winner!).

If you do come into some unexpected inheritance, windfall, or win money on the lottery you would need to contact us. We’ll be able to give details on how we can help you satisfy the terms of your IVA as quickly as possible.

If you have enough money you may need to pay the full amount of debt plus interest and the fees incurred in the IVA.   However, if there is not enough to pay in full you may still be able to offer the amount as a full and final settlement to your creditors.

Contact your supervisory caseworker if you do come into any money over £500 and they will discuss the options available to you.

If you’re not a client but are looking to start an IVA please read our new guide to individual voluntary arrangements.