Individual Voluntary Agreement (IVA)
With an IVA you could:-
Repay your unsecured debts in (normally) 5 years
Prevent or stop legal action, including bankruptcy
Freeze the interest and charges on your debts
Avoid repossession and keep your home
IVA Quick Application
This website is a helpful guide - but it's also good to talk!
We recommend you don’t just rely on this helpful guide to see if you’re eligible for bankruptcy, but talk to our experienced debt advisors to ensure you choose the best way to solve your debt problem. Call us on 01204 867615
IVA and what it means for you.
How Are Payments Into An IVA Calculated?
The formula to calculate IVA payments is fairly simple; it is based on what you can afford to pay each month. There is a minimum your creditors may be willing to accept, but part of the beauty of an IVA is the payments are based on what you can afford.
Phone us and speak to an advisor and we can assist you in calculating what your payments may be.
Is An IVA Better Than Bankruptcy?
Yes, for some people it is the best option as they have property they would lose if they were to go bankrupt, or for some people being bankrupt can impact their job.
If you speak to an advisor they can help you in deciding what is the best option and if an IVA is for you.
Can I Do An IVA?
Without knowing all the details of your situation it is difficult at best to say an IVA is best suited for you. In order to be able to apply for an IVA you must have 2 creditors or more and at least £13,000 of unsecured debt.
You may want to complete our eligibility form to see if an IVA will work for you.
Is An IVA The Same As Bankruptcy?
IVA’s are a way for you to repay your creditors without going bankrupt, and for some people they would lose their homes if they were to go bankrupt.
Both IVA’s and bankruptcy are a form of insolvency, but are different in what you are allowed to keep and what you may pay. It is always recommended to try and IVA over Bankruptcy if you have a disposable income. If you apply for Bankruptcy with a disposable income you could be subject to an IPO (Income Payments Order) for 36-months.
Use our eligibility form to see what is best for you.
Will I Lose My House In An IVA?
That is one of the reasons why someone would want to choose to do an IVA over bankruptcy as it allows you to keep your home; for many people with property if they were to go bankrupt, they could very well have their house taken from them.
Phone us to speak to an advisor to discuss this further.
How Long Will I Be In An IVA?
In an IVA you make payments of what you can afford for a period of five (5) years. During this period the accounts are frozen to any new charges and all the interest is frozen.
At the end of the five years the remaining balances on the accounts is written off and you are out of debt.
What Is An IVA?
An IVA or Individual Voluntary Arrangement, is a way for you to repay your debts in a manner you can afford and to avoid going bankrupt.
For people with property or other circumstances, they need to avoid being declared bankrupt.
Use our eligibility form to see what option is best for your situation.
What Happens At The End Of My IVA?
Once you have made all the payments as required, which usually is five (5) years, you are out of debt and the IVA is complete.
Both My Wife And I Have Debts Some Together Some Separate, Can We Do An IVA Together?
Yes, you can do a joint IVA together and include all your debts and just have the one monthly repayment.
Use our eligibility form and we can further access your situation and what will work best for you.
How can an IVA help with my debt problems?
With an IVA, you pay only what you can afford. Based on a formal agreement with your creditors, you consolidate your debt and write off up to 75% of what you owe.
When will I be debt-free?
Once the IVA is complete, which is usually after five years.
An IVA could be your best option.
If you’re struggling with debt, an IVA is an alternative to going bankrupt. It’s a legally binding arrangement between you and your creditors which enables you to pay only what you can afford. Interest charges are frozen and any outstanding debt is usually written off at the end of your IVA, leaving you debt-free in about 60 months.
Put a stop to all the worry about what your creditors will do.
An IVA puts a stop to creditor hassle as it’s a formal and legally binding agreement that’s approved by the government. An Insolvency Practitioner will handle your IVA on your behalf and once in place:
- Creditors cannot take any legal action against you
- We will explain every step of the IVA process to you
- We will help prepare all the paperwork for you to keep it simple
- Our friendly, professional debt advisors will support you