Stop all creditor contact now and write off your debt with an IVA, from £70 per month
What is an Individual Voluntary Arrangement (IVA)?
An Individual Voluntary Arrangement is a UK debt solution for those struggling to repay their unsecured debts. It’s a formal agreement made between you and the people that you owe money.
An IVA allows you to pay back a small percentage of your total debt, in one monthly payment that’s based on what you can afford.
After the fixed-term of your IVA is completed your remaining debt is completely written off.
Are you eligible for an IVA solution?
You can find out in just a few minutes – simply click the button and get started for FREE.
Here at IVA Advice, we provide free, qualified advice to help you solve your debt problems for good. With many years of experience and a team of friendly experts to chat with, you can rely on us to help you reclaim financial control.
Are you feeling overwhelmed by your current level of debt?
Perhaps you’re looking for a repayment solution that doesn’t involve bankruptcy or losing your home? An IVA could be the perfect solution…
Here’s How an IVA Can Help You:
- by reducing your debt payments to a minimum of £70 per month
- by stopping your creditors from contacting you or taking action against you
- by allowing you to keep your car and stay in your home
- by stopping all interest and charges instantly
- by providing a way to become debt-free after 5 years. Just make your payment every month for 60 months and at the end of the term all of your debt balances are written off completely
Note: Record of an IVA will remain on your credit file for six years after you formally enter an arrangement. Don’t delay in seeking professional support. The earlier you get debt advice and IVA information, the sooner you can stop making unaffordable payments, and dealing with unwanted visits from bailiffs and debt collectors.
Do I Qualify for an IVA?
- do you have £5000 or more in debt?
- do you have 2 or more creditors?
- do you have a regular income?
- are willing to pay £70 or more towards your unsecured debts?
- are you a resident of England, Wales or N. Ireland? (Scottish residents can click here to learn about a Trust Deed)
If you can answer YES to the above, then you’re likely to qualify for an IVA.
What Debts Can I Put Into an IVA?
Generally speaking, all of your unsecured debts will be included in an IVA. The most common include:
- credit cards such as those with HSBC, Natwest, Barclaycard, Vanquis, Asda, Virgin, Capital One
- payday loans such as Lending Stream, QuickQuid, Drafty, Cashfloat, Satsuma
- overdraft debts with your current bank account or your previous bank account
- unsecured loans
- HMRC debts
- council tax debts/council tax arrears
- bailiff debts such as Moorcroft Group, Lowell, PRA Group, Advantis, Opos, Cabot Financial and more
What Debts Can’t Go into an IVA?
- mortgage arrears – unless you have left the property
- rent arrears – unless your landlord agrees to the proposal
- debts from secured loans
- guarantor loan debts
- hire purchase debt
How Do I Apply for an IVA (UK)?
Interested in how you can set up an IVA? Here’s the process…
- Consider all of the pros and cons and decide whether you should apply for an IVA.
- Use our free IVA payment calculator – it’ll run you through the basic qualifying criteria and let you know if you’re eligible.
- One of our friendly advisors will review your debts and provide you with free advice to determine if an IVA is the best option for you.
- We’ll help you create a proposal to formally apply for an arrangement.
- Your arrangement is formalised and you make one low monthly payment to a licensed insolvency practitioner in the UK. At the end of the 60 months, the remainder of your debt will be written off in full.
A legislated debt solution could give you your life back and pave the way to a happier, debt-free future for you and your family.
What Do I Need for an IVA Debt Solution?
When you first get started, you won’t need to provide anything. The purpose of the initial call is to get a feel for your debt situation and to point you in the right direction.
An IVA isn’t always the most suitable option, and you may be guided towards a debt charity, such as the Money Advice Trust/Money Advice Service or the Citizens Advice Bureau.
If you do decide to apply, here’s what you’ll need to provide:
- payslips – 3 months payslips will be requested to provide proof to the Insolvency Practitioner of your earnings. If you’re not employed, then evidence will be needed for how you receive your income. This is important as we’ll need to prove that you can maintain payments towards your debts for the 5-year term.
- bank statements – 3-months bank statements are needed to demonstrate the expenditure on your bank account. Online bank statements are usually fine, as long as they clearly display your sort code and account name alongside your name and address.
- proof of identification – A driving license or passport is fine here. You can provide a copy of this by post, Whatsapp, or through email.
You’ll be able to go through all of the document requirements in more detail at an insolvency appointment, so don’t worry if you think you may struggle to provide one of the above.
IVA or Bankruptcy?
Bankruptcy and IVAs both deal with insolvency issues and are both legally binding formal debt solutions, but they work in different ways. With bankruptcy, your home could be repossessed and your assets seized. Plus, your bank accounts would be frozen and deductions may be taken from your future earnings. Bankruptcy also costs around £800 and is publicly advertised.
But with an IVA:
- you’ll be allowed to stay in your home and can usually keep your car
- an IVA is not publicly advertised
- you don’t pay any upfront costs
- you pay affordable monthly payments based on your income and expenditure
- you’ll usually be able to continue using your bank account
Getting Started with an IVA
With growing charges and the high rates of interest on unsecured debts, it’s always best to tackle your debt problems head-on, before they get out of control. Often the best way to do this is with a structured, legally-binding agreement like an IVA.
And if you’re struggling to make debt repayments, it’s important to seek independent debt advice as soon as you can.
Thankfully, applying for an IVA has never been easier. Our free calculator will tell you whether you or not you qualify, in under 30 seconds.