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What Is An IVA?

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What Is An IVA

What Is An IVA?

This section covers "what is an IVA" (Individual voluntary arrangement) and provides a guide to whether you qualify for an IVA as an alternative to going Bankrupt.

Do you have more than £5,000 worth of debt?

If so, an IVA (individual voluntary arrangement) is one solution to get rid of your debt problems. An IVA is a legal agreement which works as an alternative to bankruptcy. You pay an agreed sum each month and can be debt free in five years.

How does an IVA provide debt help?

An IVA is a formal and legally binding agreement between you and your creditors. It provides both parties with certain legal protections whilst you solve your debt problems.

With this form of debt help, you pay the agreed monthly amount, usually over 60 months, informing our IPs (Insolvency Practitioners) of any change of circumstance which could affect your income or assets.

Once the IVA agreement is in place your creditors must stop all further interest and charges on your debts. All letters and phone calls from your creditors in relation to your debts should then cease. Once the 60 months have ended, and you have kept to the arrangement any outstanding debt is written off.

What are the minimum criteria for an IVA?

  • Two or more creditors
  • Struggling with payments
  • More than £5,000 of unsecured debt
  • Demonstrable proof of circumstances
  • UK citizen (IVA specific for England and Wales)

How do I start an IVA?

You will firstly need to take the IVA test to find out if you could qualify for an IVA. An adviser will then work with you to determine your present financial situation. They will then draw up the proposal which is forwarded to your creditors, allowing you to get your finances back on track.

IVA, do you qualify?

Our panel of specialists can quickly advise whether you qualify for an IVA. Simply call the team FREE on 0800 368 8231.
Alternatively take the online IVA test and check if you qualify.

  • Last updated 15 December 2015

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You can also get free impartial debt advice by following this link to the Money Advice Service. © 2015 All right reserved. Made with in Manchester does not charge you any fees for our service, however the partners we work with help fund the service. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

We will pass your details on to one of our debt partners who will contact you and explain all the options available to you. They will then be able to help you set up a debt solution which is right for you.

Debt solutions should not be entered into lightly - they affect your credit rating. Failure to keep up with repayments can result in bankruptcy or legal action. Different debt solutions have different risks attached to them.

The lender is not obliged to accept less in settlement of the debt than they are entitled to; nor to freeze interest or charges. It could result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions affect credit ratings.

The debt products and solutions offered by our partners depend on your criteria and circumstances, including how much you owe and how many creditors you owe money to. You need to speak to a debt advisor to obtain a full assessment.

You may have debts which are not covered by the debt solution you are offered and agree with, which will still need repaying. Debts covered by the agreement will be cleared over the period of the debt solution. Unsecured debts are those that have not been secured against any of your assets and may include: credit cards or loans, not mortgages or car finance. is owned by Money Advice Online Ltd company no. 09554412 (Registered in England and Wales). ICO registration no. ZA116663