# Is an IVA full and final?



## zxcvbnm (11 Mar 2014)

if i enter an IVA with a bank, is the agreement full and final?

i..e if i get a new job on increased salary is the IVA arrangement reviewed?


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## LondonBoy (12 Mar 2014)

Simple answer Yes it will be reviewed.

Just as if you lost your job or your hours were cut you would have to renegotiate the terms of your IVA.

The same principle applies to your income, and increase will be readjusted to suit the creditor.


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## Newgirl2014 (8 Apr 2014)

London Boy that is incorrect. It is dangerous to give wrong information on this site. The fact is that if you do a lump sum full and final settlement it is over for once and for all. There is a three month period after the deal is fully implemented whereby you are still listed on the personal insolvency list of the Courts Services website, but there is no comeback even if you win the lottery. If you do a monthly payment IVA over a period of time an increase in salary is of course used to increase the monthy payments. This is why all the Irish people doing IVA's in the UK do once off lump sum ones.


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## Action (8 Apr 2014)

Hi Newgirl,

I think in fairness to London Boy he has answered on the assumtion that its not a lump sum but a monthly payment. The question in fairness is not entirely clear. Nice to see you keeping on top of it though.


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## Newgirl2014 (10 Apr 2014)

It's important that people know about the lump sum IVA because it should. Be a part of your uk bankruptcy process, if the IVA offer is rejected you go ahead with your bankruptcy application, but if it is accepted you are done and dusted and do not have to wait out 12 months. A huge difference.


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## javanaise (24 Apr 2014)

Newgirl, do you mind me asking for how long you were based in the UK? I'm starting my residency on 1st May and am hoping the IVA will go through. I will have to sell my apartment first, but I'm hoping that will be wrapped up in about four or five months. Also, what steps did you take to prepare for bankruptcy in case the IVA didn't go through? Are the preparation steps the same?


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## Newgirl2014 (14 May 2014)

Hello J, yes steps the same. You need the COMI under your belt, that's 6 months. In our case we couldn't sell as the bank would never accept any offer that came in so we posted the keys back and "surrendered" the property to them. IVA and bankruptcy different but we prepared them at the same time. We used a firm named O'Haras insolvency Practitioners for the IVA and Steve thatcher for the bankruptcy as they both specialize in their fields. We were very happy with both. We did them at the same time as the IVA must be accepted or rejected quite quickly and if rejected we wanted to file for bankruptcy at the local court without further delay. Best of luck. It's been six months since our IVA was accepted and really its only now we feel any sense of getting back to normal.


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