About Us
DFH Ltd (DFH Financial Solutions) is a member of the CCTA (Consumer Credit Trade Association). CCTA is one of the longest serving credit trade associations in the UK and has been establised over 100 years.
IVA FAQs
- What is an IVA and Which debts can be included?
- How much will i have to pay each month during the IVA?
- Do I have to pay any fees?
- Will I ever be able to get credit again?
- What are the consequences of an IVA?
“What is an IVA and Which debts can be included?”
Normally any type of unsecured debts can be included within an IVA. This rules out mortgages and secured loans. It also doesn’t include any items on hire purchase, which will be repossessed if you can’t afford the repayments.
Other debts which cannot be included in an IVA:
- Fines or penalties imposed for an offence
- Any liabilities arising under an order made in a family or domestic court action, such CSA claims for child support
- Any liabilities arising under a confiscation order made under S.1 of the Drug Trafficking Act 1986 or S.71 of the Criminal Justice Act 1988
- Most educational loans, as they fall outside of the Insolvency Act 1986
- Gambling debts.
Personal debts to HM Revenue & Customs and VAT can be included – but may be treated preferentially within the proposal. Debts such as Rent and Council Tax arrears and fines (such as parking offences) will normally have to be paid and provision for the repayment of these debts will be made separately.
“How much will I have to pay each month during the IVA?”
When we assess your financial situation we’ll go through your income and out-goings and work out what you can afford to pay each month after you have paid your essential living costs. This affordable monthly payment is what you will pay for a period usually 60 months (5 years).
“Do I have to pay any fees?”
If you decide to proceed with an IVA, fees will be charged. As one of the UK's longest established debt solutions companies, we are committed to providing an excellent service. Click here for more information about our fees.
“Will I ever be able to get credit again?”
During your IVA you have agreed not to obtain further credit. When your IVA is completed, it will remain on the credit reference databases for a further year.
"What are the consequences of an IVA?"
- If you do not keep up repayments you could be made bankrupt. However, there is an opportunity to introduce a variation.
- If your circumstances improve you may have to pay more.
- Your IVA will appear in a public register and on your credit record.
- You may have to release equity from your property in the fourth year.
- Your ability to remortage your property may be restricted. If the homeowner is unable to obtain a remortage, the IVA can be extended for a futher 12 months.
Find out more about:
IVA Alternatives
IVA Case Studies
Further Debt Help and Advice
Subject to availability and acceptance. Debt write-off applies on the completion of and Individual Voluntary Arrangement. Alternative solutions may be offered. Repaying debt over a longer period of time may increase the total amount to be repaid. Whilst on an IVA and for a year after completion your credit rating will be affected.
