What is an IVA or Individual Voluntary Arrangment?
An IVA is a formal agreement with your creditors that can allow you to repay only a percentage of your debt by way of affordable monthly payments (usually for 60 months).
When this reduced amount has been paid you become Debt Free.
To find out more on how an IVA can help fill in the IVA contact form on the right.
Here are some more key facts about IVAs:
You may only have to pay back a percentage of your debt
You only have to make one payment each month and this monthly payment is based on your available disposable income - what you can afford
An IVA is legally binding which means that your creditors can't change their minds once they've agreed to it and cannot contact you at all once you have entered into the IVA
Once the IVA is in place your creditors cannot bring any other action against you as long as you maintain your agreed monthly payments
The IVA will usually be registered with the credit reference agency for a 6 year period depending on the credit reference agency's policy
If your income increases or you inherit some money, this will be taken into account and payments to the IVA will be altered accordingly
With an IVA you can operate a "normal" bank account as long as it does not have an overdraft facility
With an IVA there won't be any negative publicity in the local papers
With an IVA you would keep control of your assets. Your assets do not automatically vest in the Supervisor.
Having an IVA does not affect the availability to hold public office
An IVA does not affect your professional status
What Are The Advantages of an IVA?
With an IVA you only pay back an agreed percentage of your debts
Whilst an IVA is in place your creditors are not allowed to harass you
With an IVA interest on your debts is frozen which means your debt will not keep growing
An IVA won't affect your professional status or ability to hold public office like bankruptcy does
Entering into an IVA means you can continue to work or trade (Self Employed) without it affecting your business
IVA Contact Form:
Talk confidentially to our qualified Debt Counsellors by filling in your contact details below:
* Remember our debt advice is totally impartial, so dont delay fill in your details now and we can call you!
0845 094 3725
