Bankruptcy Helpline
0800 368 8231
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.
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.
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.
You will firstly need to take the IVA test
This will check if you 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.
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.
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