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What happens to my IVA if I pass away?

What happens to my IVA if I pass away?

Nobody wants to think about passing away, or what will happen to their outstanding debts if they do. In this section we have questions and answers incase this should happen.

What happens to an Individual Voluntary Arrangement (IVA) on death?

If you pass away during your IVA, it does not automatically mean that your IVA would be failed.  Your next of kin should contact us – it may be possible to ask your creditors to allow the funds that  have already been paid into the IVA, to be accepted in full and final settlement, and for your IVA to be successfully completed. This will avoid the IVA failing and the debts falling on your estate. 

What will happen if I become terminally ill during my IVA?

If you contact us we will be able to discuss options available to you.

The Insolvency Practitioner would be able to look at solutions available, and see what they can put in place so you don’t have the added worry of your IVA. It may be possible to ask your creditors to end your IVA early. 

Thinking about the future and what could happen can be difficult, but it’s important that your family is still cared for. 


Contact a member of our team at PayPlan today, for free impartial advice.

*In the case of a one-off lump sum settlement

More Information on IVAs

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What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

What is a Debt Management Plan?

A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.

What is a Self-employed IVA?

A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

What is a Debt Relief Order?

A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.

What is Bankruptcy?

Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.
Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
Sandra Daly

Sandra Daly

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