Individual Voluntary Arrangements (IVAs) are a positive debt management solution that can help you to pay what you owe in manageable monthly payments. IVA debt help can write off part of the money you owe, and reduce your monthly payments.
Speaking to a professional expert can help you to turn debts like credit cards, utility bills, and payday loans into an affordable payment plan, and write off up to 81% of what you owe at the end of the arrangement.
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An IVA or Individual Voluntary Arrangement is a type of insolvency debt management that lets you repay the debt you owe over time. This is usually over 5 years, but it can sometimes be up to 6 years. During your plan, all interest and fees associated with your debts are frozen. At the end of the IVA, the remaining unpaid debt will be written off and you can begin your debt-free future.
Once your Individual insolvency is approved and has been added to the IVA Register, you can turn debts like credit cards, utility bills, and payday loans into a single affordable monthly payment, and right off some of what you owe at the end of the arrangement.
Individual insolvency (IVA) can include a variety of types of debt, including:
IVAs do not include:
Debt solutions such as Individual Voluntary Arrangements will have a negative impact on your credit rating and will show on your credit report for six years after it has been approved. However, it’s important to understand that once your Individual insolvency is complete you will be offered a fresh start to begin rebuilding your credit rating. Plus, your credit score will likely already have been affected by being in debt in the first place.
In most cases, Individual Voluntary Agreements won’t affect your employment. However, in certain professions, such as in the financial sector, accountants and solicitors, having an IVA may mean you can only practice under certain conditions.
There are also options available for self-employed IVA.
Speak to an expert IVA advisor today to discuss your options and the best solutions for your individual circumstances.
No. Once you enter an IVA, creditors that you may previously have owed can take no further action against you and are not allowed to contact you directly.
There are several advantages and disadvantages associated with an IVA, therefore it’s recommended that you seek expert IVA debt advice.
If you’re looking for comprehensive advice, an IVA practitioner is definitely worth it. The IVA debt help they will be able to give you is unparalleled, and they will assist you in deciding whether Individual insolvency is right for you, or if another option is more suited to your circumstances.
You should bring:
These questions are a good starting point:
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The Adviser will contact you directly. Your initial consultation is free with no obligation.