Once an IVA has been accepted and approved by your creditors, the Insolvency Practitioner (IP) will monitor and supervise the IVA and ensure that the terms and conditions agreed are met.
It is your (the debtor's) responsibility to keep up with the repayments or you risk being made to go bankrupt. You pay the IP each month and he/she is responsible for distributing the money to your creditors in accordance with the agreed terms.
During the IVA period your financial situation will be reviewed regularly. If you begin to earn more money or your financial situation changes, you may be liable to pay more money into the IVA.
If you get into further financial difficulty at any time during the IVA period and struggle to meet with the repayments you should contact your IP immediately.
Under the terms of the IVA you should not seek further credit for the duration of the IVA (Individual Voluntary Agreement).