Write Off Up To 81% Of Debt and Reduce Monthly Payments

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:

• Credit cards and loans
• Debts you and another person “jointly owe”
• Debts to individuals, including family and friends
• Debts to HMRC, including VAT, overpaid benefits and others
• Council tax and utility arrears
• Trade creditors if you’re self-employed
• Shortfall once a property has been repossessed.

IVAs do not include:

• Student debt
• Debt owed to an ex-spouse which a court has decided must be paid
• Court fines and traffic violation fines

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:

• Proof of your income, such as payslips or recent bank statements.
• Proof of any savings such as bank statements.
• Tax credit statements or benefit letters.
• Statements from each of your creditors confirming the balance owed.
• If you are applying for a self-employed IVA, a copy of your latest tax return will be required.

These questions are a good starting point:

• Is there an application fee? What are the IVA fees for?
• What are safeguarded benefits?
• How much will the IVA payments be?
• What if I have payment problems during my IVA?