What is an Individual Voluntary Arrangement (IVA) variation
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savingseb
1 year ago
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
an IVA variation is the process whereby someone who has entered into an IVA suffers a significant change in their circumstances which means that they cannot comply with the original IVA order/
the variation is a meeting held between the individual and their creditors to try and create a new arrangement in order to manage the repayment of the debt without enforcing a bankruptcy.
as the variation has to follow the same rules as a new IVA, it requires 21 days notice to the creditors who have to vote at least 75% in favour of the revised plan in order that it is accepted - and then enforced on all creditors.
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the variation is a meeting held between the individual and their creditors to try and create a new arrangement in order to manage the repayment of the debt without enforcing a bankruptcy.
as the variation has to follow the same rules as a new IVA, it requires 21 days notice to the creditors who have to vote at least 75% in favour of the revised plan in order that it is accepted - and then enforced on all creditors.
