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Analyse your financial situation & Decide if a IVA is appropriate
Have you got questions about an IVA? Want to check whether the solution is right for you and find out how much debt you could write off? You are in the right place.
Use our IVA Calculator above to see if you qualify or give us a call (0800 011 4712) to talk to an expert about whether the solution is right for you.
An IVA (Individual Voluntary Arrangement) allows you pay a single reduced amount towards your debts based on what you can afford. A monthly payment Arrangement will last 5-6 years. After this time any included debt which remains unpaid is written off.
Only unsecured debts are included. You must continue paying secured debts such as your mortgage. If you are a home owner your property gets legal protection but you may have to release equity to increase the amount you pay to your creditors.
The Arrangement is a legally binding agreement to settle your unsecured debts. It was introduced into law in 1986 and is available in England, Wales and Northern Ireland.
An IVA has various affects. To what extent these will have an impact on you will depend on your financial and family circumstances
Speak to our experts about an IVA or any debt solution
An IVA involves various stages. After successfully completing all of these you will be free of your unsecured debts.
Why do you need an Annual Review. What do you have to do when it happens? What if your living expenses have changed. Options if your IVA is unaffordable.
What happens if you earn occasional overtime in an IVA. What about regular overtime? Can you keep an annual bonus. Will the arrangement end quicker?
Can you do an IVA if living with parents? What rent can you include in your living expenses? Will they have to pay your debt? What if you move out?