IVA Quiz

What is an Individual Voluntary Arrangement (IVA)?

• A type of loan

• A form of insolvency

• A savings account

• A credit card

What must you show to be eligible for an IVA?

• You have a high income

• You have more debt than assets

• You have no debts

• You own a house

How long do you typically make payments in an IVA?

• 1-2 years

• 3-4 years

• 5-6 years

• 7-8 years

In which regions are IVAs available?

• Scotland only

• England, Wales, and Northern Ireland

• All of the UK

• Ireland only

What happens to the remaining debt at the end of an IVA if all payments are made?

• It is doubled

• It is written off

• It is transferred to another account

• It is reduced by 10%

What protection does an IVA provide once approved?

• Protection from creditors

• Increased interest rates

• Additional charges

• More debt

Who must arrange an IVA?

• A financial advisor

• An Insolvency Practitioner

• A bank manager

• A legal consultant

What happens if your IVA fails?

• You will receive a fine

• You may face bankruptcy

• You will have to pay a penalty

• You will lose your assets

What is added to an insolvency register when you take out an IVA?

• Your credit score

• Your name

• Your financial history

• Your debt amount

What service is offered for free to help with debt solutions?

• Legal representation

• Financial investment advice

• Debt advice

• Tax planning