The definitive IVA information website
How does an IVA work?
An IVA, or Individual Voluntary Arrangement, is a formal debt solution that acts as an alternative to bankruptcy.
It allows people who are struggling with a serious debt problem, a chance to restructure their debt repayments to an affordable level, ensuring they repay only what they can afford.
The arrangement itself has a fixed term of, normally, 5 years after which any outstanding debts are written-off.
In most cases, an IVA will provide you with a substantial debt write-off, allowing you to only repay a percentage of your original debt.
What are the benefits of an IVA?
These are some of the benefits you can expect to receive through the IVA process:
- You will only be expected to repay what you can afford.
- Your repayments will last for a fixed timeframe, usually 5 years.
- Any debt you are unable to repay during this term will be written-off.
- Your creditors are legally obliged to freeze all interest charges.
- Your creditors are legally obliged to stop adding charges to your debt.
- Your assets and property, such as your home, are protected by the IVA.
- Your creditors cannot take legal action against you.
- Your creditors cannot contact you to discuss your debt during the IVA.
Who can apply for an IVA?
To qualify for an IVA you need to:
- Be struggling to afford your debts.
- Owe more than £10,000
- Have an income not solely based on benefits.
- You must be, or very close to being, insolvent.
- Live in England, Wales or Northern Ireland.
How do I get an IVA?
You can apply for an IVA right now by calling IVA.info on 0800 088 7502 where our team of advisers are waiting to help you.
If you prefer, complete your IVA application on-line.
The team behind IVA.info are dedicated to providing you with the highest levels of information and advice relating to the IVA debt solution.
We recognise just how important it is for you to fully understand the IVA process, particularly if you intend to make an informed decision on whether an IVA is the best way for you tackle your debts.
Whilst we specialise in IVAs, our advisers are extremely experienced and knowledgeable across the whole spectrum of debt solutions and will be happy to help you on the different aspects of each solution.
Simply call 0800 088 7502 for a free, 'no obligation', private consultation with one of the team.