Specialist Debt Advice
What is an IVA?
An IVA (individual voluntary arrangement) is a formal arrangement between yourself and the people you owe money to. This means you will pay a fixed affordable amount every month for a period of 5 years based on a percentage of your debt. At the end of the 5 years your IVA will be complete and the remainder of your debt will be written off.
IVA Benefits
IVA Risks
- Monthly payments from £80 per month
- No setup fees
- Your creditors will not be allowed to contact you
- You will be debt free after 5 years
- Freeze all interest and charges
- Your credit rating will be affected
- If you have equity in your house, you may be asked to remortgage
- Your creditors may not approve your IVA
- Any secured debts will not be written off
- If you stop making payments into your IVA, it will fail
Do I Qualify?
Is an Individual Voluntary Arrangement right for me?
An IVA might be the best option if:
- you have debts of £5000 or more
- you do not have enough money to maintain payments for your debts
- you owe money to 2 or more companies
- you do not want to deal with bailiffs or debt collectors yourself
An IVA is a very flexible option and you do not necessarily need to fit into a specific criteria to qualify.