What is an IVA?
An Individual Voluntary Arrangement or IVA as it is more commonly referred to, is a fixed term repayment plan which enables someone experiencing a serious debt problem the opportunity to reduce their monthly payments to their creditors.
At the end of the fixed term, the IVA completes and any outstanding balances remaining from the original debt are legally 'written-off' by the creditors.
An IVA is a legally binding 'formal' agreement, which first came into force on 29th December 1986 as part of the Insolvency Act 1986, representing a major change to the landscape of personal insolvency in the UK.
IVAs are available to all people who live in England, Wales or Northern Ireland, who are insolvent and are seeking to protect themselves and their assets from the threat of legal action and bankruptcy .
People in Scotland have their own version of the IVA, which is known as a Protected Trust Deed.
How can an IVA help you?
An IVA could allow you to significantly reduce your monthly debt repayments.
Your new repayment will be based on affordability with any debt you can't afford to repay being legally written off at the end of the IVA.
How long will an IVA last?
It normally lasts for a 5 years, although in some exceptional circumstances it can consist of just one 'Lump Sum' payment. The term of your IVA is fixed before it begins and, once it's been agreed, your creditors cannot change it.
How much must I owe?
Whilst, technically, there's no minimum debt level to qualify for an IVA, it is generally accepted that an IVA works best when you owe at least £10,000.
An IVA has no maximum debt level and will often help people with very large unsecured debt levels, in excess of £100,000 to become debt free. Large debt problems arising from property repossessions and business failures are both common examples.
How many creditors do you need?
An IVA has a better chance of acceptance if the debts are owed to at least 2 different creditors although, in circumstances where the debt is owed solely to 1 creditor, they be might be persuaded to consider an IVA, if doing so is in their best financial interests.
What's the minimum repayment level?
IVA repayments are based on affordability. Essentially, the more you can afford to repay the more you'll be expected to repay.
Why do an IVA?
An IVA is a very powerful debt solution used by those people wishing to avoid Bankruptcy.
This is particularly beneficial if they have assets to protect, or if their income would suffer as a result of being declared bankrupt.
How do I apply?
To apply for an IVA please call IVA.info on 0800 088 7502.
We will help you establish whether an IVA is in your best interests and give you a full assessment of how an IVA will be applied to your personal circumstance.
If you choose to apply for an IVA after your consultation, the application process takes approximately 4 weeks, after which your creditors will vote on whether they accept your proposal.
Who are IVA.info?
IVA.info is a 'Not For Profit' organisation run by a team of IVA specialists.
We've been providing IVA help and advice to the general public for over a decade and over that time we've assisted many thousands of people enter into IVAs.
We do not charge any set-up fees or require any upfront payments and we provide a unique and unrivalled support service to each client for the full term of their IVA.
When you allow us to assist you in proposing your IVA, you'll be assigned a personal adviser to help you with any problems you may encounter throughout your IVA, until your final payment.
Our small team
Our most prized asset by far is our small team of specialists, each with many years experience in providing straight talking and clear IVA advice.
We deliberately avoid using jargon and technical terms, because our aim is to help you understand every aspect surrounding the IVA pros and cons before you decide to enter the IVA process.
We are IVA specialists offering a bespoke service. Quite simply - We know what we're talking about.