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 564 22 11.
Alternatively take the online IVA test and check if you qualify.

  • Last updated 15 December 2015

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