What happens if my IVA is approved with modifications?

When the creditors vote on your proposal, they will have checked the proposals carefully, and if there were changes they believed should have been made, which would result in more funds being made available to them, they are likely to ask for a modification.

If you do not accept the modification, then there is a risk that the IVA will not be approved. If you accept the changes, you will be bound to them.

Sometimes the modifications can be that equity is released from the mortgaged property, or it can be that an asset (eg. a car) is sold within the period of the IVA.

For more information, call us on 0800 16 999 46 or simply fill in the online application form above. Our initial advice is free and completely confidential so why not give us a call today...

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Other FAQ

• What is an IVA?

• Will an IVA affect my credit rating?

• IVA, Debt Management Plan, or Bankruptcy?

• Can I set up an IVA if a Bankruptcy Order has been made against me?

• Who can benefit from an IVA?

• What does it mean if my IVA is not approved?

• What are my options if my IVA is not approved?

• My IVA has been approved, what do I do next?

• What happens if my IVA is approved with modifications?

• What happens when my IVA proposal includes the provision that I have to sell/realise some of my assets?

• What happens if my monthly IVA contribution is late?

• Do I still have I deal with my creditors once I'm in an IVA?

• Is it possible to finish my IVA early?

• Why would I vary the terms of my IVA, and what would it involve?

• Will I be debt free after my IVA?

• What is a Full and Final Final Settlement Offer?

• How can I get IVA help?

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