Individual Voluntary Arrangement
An IVA (Individual Voluntary Arrangement) is a legal binding contract between debtors and creditors which debtors owe to make the full and final settlement over 5 years without declaring bankruptcy.
IVA offers multiple benefits.
- Government approved
- Write off your unmanageable debt
- Interest and Charges stopped.
- Clear your debts in just 60 months
- Reduce your monthly payments up to your comfort.
- Protect your home (tenants & homeowners)
- Protection against legal action, including bankruptcy
The minimum criteria for IVA:
- Total unsecured debts is or over £15000
- Total Unsecured creditors 3 or more
- Minimum monthly payments of £200
- Employed or self employed
- Facing difficulty to keep up with monthly repayments
- UK citizen (England & Wales)
Let’s get your finance under control.
Why should I proceed with IVA?
If your debts are not under control and income has dropped then IVA will help you write off debt up to 75% and help you make debt free in just 5 years.
Will IVA affect my credit rating?
Yes. You must be well aware that your credit rating will be affected by proceeding with IVA. An IVA is a formal legal agreement and will affect your credit rating for up to 6 years after completion.
Will I loose my house proceeding with IVA?
No! You are allowed to keep your house, however you may have to release equity when making an offer to creditors under an IVA.
Can I obtain an IVA if a bankruptcy order has been made against me?
Yes. You can very well obtain an IVA.
What happens if I fall behind payment to the arrangement ?
If you fall behind your payments, your insolvency practitioner (the supervisor under IVA) may apply for you to be declared bankrupt.
How are the fees collected for IVA set up?
The fees are paid from your monthly payments which you can afford to pay for setting up IVA.
What if I loose job?
You must inform to the supervisor (your insolvency practitioner) for any changes. If you have a temporary problem of making monthly payment under IVA then supervisor can help you until you resume job.
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