Do I have to include everything in an IVA?

An Individual Voluntary Arrangement (IVA) is a legally binding agreement that allows you to reach an agreement with your creditors to pay off your debts over an extended period of time. In order to qualify for an IVA, you must include all of your unsecured debts in the agreement. Unsecured debts are debts that are not backed by collateral, such as credit card debts, personal loans, and overdrafts.

It is important to be honest and transparent when disclosing your debts as part of the IVA process. Failing to include all of your debts in the IVA can result in the agreement being terminated.

If you have secured debts, such as a mortgage or a car loan, you may be able to include these debts in the IVA, but it will depend on your specific circumstances. It is a good idea to speak with a financial professional or an attorney if you are considering an IVA and have questions about which debts to include. They can review your specific situation and help you determine the best course of action.