What is an IVA?

An IVA (Individual Voluntary Arrangement) is a legally binding agreement between you and your creditors, effectively freezing interest charges and setting an affordable, lower, monthly payment amount over an agreed fixed period, typically 5 years.

IVA’s are usually best suited for those with unsecured debts of at least £12,000. (If you live in Scotland the equivalent of an IVA is called a Trust Deed and can be suited for those with debts of at least £10,000.)

An IVA is a financial solution for clients who cannot afford to maintain their contractual monthly payments to their unsecured credit commitments.
It is a solution to help people get out of debt without borrowing any more money.

An IVA is not as flexible as Debt Management but it will still allow clients to replace numerous monthly payments with one lower, affordable monthly payment, allowing them to maintain their household bills.

If you are a homeowner you may need to release a percentage of your equity into the IVA.

An IVA is in place over a set amount of time, typically 5 years, which gives you the peace of mind knowing when you will be completely debt free.

As with Debt Management all paper work and necessary correspondence is handled by us and of course you will be kept fully up to date.

IVA’s are not suited to everyone, so please call and speak to one of our fully trained advisers in complete confidence and we can advise if this is the right solution for you.

It is important to note that while the initial advice is free, should you enter a solution, fees may be payable.

If you are unable to keep up with your repayments on an IVA it could result in Bankruptcy proceedings so knowing how much you have to pay and knowing that is affordable to you is important.