IVA variation
Legal & insolvencyA formal change to the terms of an Individual Voluntary Arrangement.
Overview
Variations are used when circumstances change and payments need adjusting.
Creditors usually vote on the change.
Why it matters
- It can keep an IVA on track.
- It affects how much you repay.
- It can prevent IVA failure.
FAQs
Who approves an IVA variation?
Creditors vote on whether to accept the new terms.
Does a variation affect my credit report?
The IVA remains on your report; the variation changes the terms.
Related terms
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