Whether you’re weighing up whether an Individual Voluntary Arrangement (“IVA”) is right for you, or you’ve decided on this debt solution, we wanted to provide some IVA support and help to answer some of the questions you may have.
How IVAs work
An IVA (IP) is a popular debt solution which allows you to repay your unsecured debts by agreeing on an affordable monthly payment to creditors.
IVA proposals are put forward by a qualified Insolvency Practitioner (IP) to your creditors. If the IVA proposal is accepted by creditors, this can often mean the end of most creditor contact such as phone calls and letters.
Get a Debt AssessmentDo IVAs work?
Arguably the most important question that is asked is ‘do IVAs work?’.
Like every debt solution, IVAs have pros and cons, so it’s crucial to ask the question of whether the pros outweigh the cons for your circumstances. For many of our customers, an IVA can help them to affordably pay back their unsecured debt over an agreed period of time. For some people, an IVA also means that they may never have to pay the debt in full, as any remaining unsecured debt will be written off upon successful completion at the end of the IVA period.
Write Off Your DebtWhat types of debt do IVAs work for?
Some examples of the debt types that may be included in an IVA are:
Energy bills
Tax Credit
There is also no limit on the amount of unsecured debt included. We offer a consultation where our advisors can let you know if all your expenses can be included on an IVA.
Tell Us Your CircumstancesDo I qualify for an IVA?
Generally speaking, for an IVA to be right for you, your circumstances should meet the following criteria:
- Have a sustainable monthly income;
- An IVA offers your creditors a better return than Bankruptcy would;
- You have unsecured debts which total to a combined £6,000 or more (although this figure could be less).
We recognise that everyone’s circumstances are unique so if you want to find out if you are eligible for an IVA, you can fill in the form below to find out if you qualify.
Am I Eligible?Can I afford an IVA?
One of the ways we provide IVA support in the application process is to assess whether we think an IVA is suitable for you. While it’s possible that an IVA may not be accepted by creditors, we only put forward cases where we think that the IVA proposal is likely to be accepted by creditors. If your IVA isn’t approved, then don’t worry, you won’t be charged anything.
Once accepted by creditors, usually an IVA fails only if you don’t stick to the agreement. We make sure that the IVA payments are affordable for you, to make sure you can stick to the agreement while still paying your expenses. Our advisors are experienced in calculating what you can afford to pay and will advise on the best debt solution for you.
Apply for an IVA
