IVAs

An IVA is a formal arrangement between you and your creditors and typically lasts for 5 years.

IVAs were introduced under the government Insolvency Act and is an excellent alternative to bankruptcy. Negotiations will take place on your behalf to agree one final balance which is paid over a period of no more than 60 months at a contribution you can afford. As long as you keep to the terms of the IVA the creditors write off the debt that you can’t afford to repay. If you have equity in your home may be expected to give up a proportion of it and this will be reviewed again in the final year of the IVA.

An IVA can allow you to write off the debt that you can’t afford to repay after 5 years

• Your home is protected from further action by creditors
• You can repay your debt in affordable monthly instalments
• Your creditors cannot charge any further interest and charges... and With your creditors' agreement you can write off a proportion of your debt

Do I qualify? You can access an IVA through us if you meet the following criteria:

• Minimum debts of £15,000
• At least 3 creditors
• Debtors must be based in England and Wales (IVA’S not relevant in Scotland)
• Relevant for homeowners or tenants.
• Minimum monthly payment available of £250.

To arrange the most suitable solution for you call one of our advisors now. A conversation with an expert can soon put your mind at ease and arrange a plan which is most suited to your needs.

There are usually costs involved when taking out a debt solution which are there to cover the expenses and work undertaken on your behalf. Under an IVA, your creditors will agree to pay your Insolvency Practitioner a fee for managing the IVA. If you complete your IVA as agreed then you will pay no more than your scheduled monthly instalments. However, if your IVA fails before completion then any outstanding fees to your Insolvency Practitioner will be taken from the amounts you have already paid and will not go towards reducing your debt.

You can cancel your proposed IVA without charge at any point before your proposal is sent to creditors. After this time you can still cancel but the specialist Insolvency Practitioner that is dealing with your case reserves the right to charge an administration fee.

If you don't keep to the terms of the IVA then it could result in your bankruptcy.