• An IVA is only suitable if your total unsecured debt is more than £15,000. In addition, you will need to be able to afford a monthly payment of at least £200.
• Although you won’t have to sell your home, you might be required to remortgage it at the end of the IVA to release some of the equity, but this will depend on your particular circumstances.
• If you fail to make the payments required by the Individual Voluntary Arrangement, it is likely your creditors will be able to take other action against you such as bankruptcy proceedings.
• If your circumstances change and you can no longer afford the payments your IVA may end if your Insolvency Practitioner cannot persuade your creditors to revise the agreement. 
• During the period of the IVA, you will not be able to use any store or credit cards or take out any unsecured loans. It may be possible for you to change mortgage lenders or take a new one while you are in an IVA.
• Entering into an IVA will affect your credit rating in the future, however, if an IVA is successfully concluded, that fact will be recorded on your credit file and may be looked upon favourably by a future lender. 

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