An Individual Voluntary Arrangement (IVA) is a formal and legally-binding agreement between you and your creditors to pay back your debts over a period of time. An IVA must be set up by an insolvency practitioner.
An IVA can be flexible to suit your needs but it can be expensive and there are risks to consider.
This page tells you about how an IVA may impact you if you have lasting power of attorney for someone else.
Lasting power of attorney
Lasting power of attorney is a legal role which gives an individual legal authority over someone else’s affairs. For example, their assets, home, or money.
The role of lasting power of attorney can be affected by some legal debt solutions. This is because the role of lasting power of attorney often includes financial control of someone else’s property, possessions or bank accounts.
With bankruptcy, you would not be able to continue to have lasting power of attorney as you would be considered unfit to have such a role, based on your own financial situation.
However, with an IVA, your role as lasting power of attorney is not affected.