An Individual Voluntary Arrangement (IVA) is a debt solution which involves yourself and your creditors coming to a legally binding agreement to extend your loan term and make reduced monthly repayments over this new timeframe.

The following page will outline what to do if your lenders or debt collectors on their behalf continue to harass you about the repayment of debts included in your IVA.

 Lenders involved in your IVA

All of your lenders who casted a vote over the acceptance of your IVA proposal are legally bound to its terms and conditions, providing that you acquired the majority vote necessary to have it officially set up. They must adhere to these terms, and are prohibited from:

• Chasing you up for the repayment of loans included in your IVA.
• Apply interest and late charges to the outstanding balance of loans included in the IVA.
• Sending letters or calling you directly chasing you up about the repayment of debts included in your IVA.

After your IVA has been officially set up, your lenders are obliged to speak to your insolvency practitioner about any matters related to the debt contained in your IVA. This is applicable to both the lenders themselves and any debt collectors which are representing their interests.

If your creditors continue to contact you by post or phone whilst your IVA is in place, then you should let your presiding insolvency practitioner known immediately. You can then request that they contact your creditors and resolve the issue on your behalf. If they continue to call you, then cordially request that they talk about the problem with your insolvency practitioner and pass on their contact information.

Lenders and debts not involved in your IVA

Any lender you owe money to who is not part of your IVA are legally entitled to continue contacting you and chase you up for the repayment of the money you owe them.

If you have more than one debt against your name from the same lender, but only one of them are part of your IVA, then they are still entitled to chase you up for the repayment of the debts that are not included in it.

In situations such as these you will need to look for another debt solution to address the problem, or make a radical change into your money management.