What is an Individual Voluntary Arrangement (IVA) variation

Asked by Seb Bally

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
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. | 01.25.11 @ 02:35
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$commenter.renderDisplayableName() — {comment} | 11.24.17 @ 03:58
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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