How Does An IVA Work?

Catalogue Debts Written Off,Catalogue Debt,What is Catalogue Debt?

How Does An IVA Work?

If you are having trouble paying debts that are beginning to get out of control, then contact IVA4Me for help.

 

We can help you begin to get your life back on track.

Get Help Now

Table of Contents

How Does An IVA Work?

An IVA can be a great, positive way to help with your debt. Allowing you to continue living your life without the stress of being chased by your creditors

An Individual Voluntary Arrangement (IVA) is a debt solution where you agree with your creditors to pay all or part of your debts. This agreement is set up and managed by an Insolvency Practitioner (IP), who will receive an agreed monthly payment from you and will divide it amongst your creditors.

 

if you apply for an IVA ,then this agreement could allow you to write off up to 81% of your total debt based on government legislation and will often give you a greater level of control than bankruptcy.

 

Once your IVA has been agreed and set up, your creditors can no longer take action against you and won’t be able to contact you, but it will affect your credit rating for six years, making it difficult to get further credit during this period. Your details will also be placed on The Register of Insolvencies, which is a public record, while you clear your debts.

 

For the duration of your IVA, all fees and interest relating to your debt is frozen and once completed, the remainder of your debt is written off, allowing you to begin again, debt free.

 

This agreement is available to residents of England, Wales and Northern Ireland. If you live in Scotland, then you could pursue an agreement called a Trust Deed to help you with your debt.

Catalogue Debts Written Off,Catalogue Debt,What is Catalogue Debt?

What Happens When I'm In An IVA?

Once your IVA has been agreed and set up, your creditors can no longer take action against you and won’t be able to contact you, but it will affect your credit rating for six years, making it difficult to get further credit during this period. Your details will also be placed on The Register of Insolvencies, which is a public record, while you clear your debts.

 

For the duration of your IVA, all fees and interest relating to your debt is frozen and once completed, the remainder of your debt is written off, allowing you to begin again, debt free.

 

This agreement is available to residents of England, Wales and Northern Ireland. If you live in Scotland, then you could pursue an agreement called a Trust Deed to help you with your debt.

IVA Guides and Information

Catalogue Debts Written Off,Catalogue Debt,What is Catalogue Debt?

What Is An IVA?

An IVA can be a great, positive way to help with your debt. Allowing you to continue living your life without the stress of being chased by your creditors. Click to find out more about what an IVA is.

Catalogue Debts Written Off,Catalogue Debt,What is Catalogue Debt?

Is An IVA Right For You?

Whether an IVA (Individual Voluntary Arrangement) is right for you or not will largely depend on your personal situation e.g. debt level, number of creditors, affordability etc. Click to find out more.

Student Loan Debt

How Does An IVA Work?

An Individual Voluntary Arrangement (IVA) is a debt solution where you agree with your creditors to pay all or part of your debts. When it is completed, any remaining debts are written off. Take a look at our article to find out more.

What Is An IVA

Which Debts Can Be Included In An IVA?

Many kinds of debts can be included in an IVA. IVAs are limited to unsecured debts but by solving your unsecured debt problems, you may find paying any secured debt much easier.

Catalogue Debts Written Off,Catalogue Debt,What is Catalogue Debt?

How Do I Apply For An IVA?

Applying for an IVA (Indivudual Voluntary Arranagement) is a fairly straightforward process. Click the button below and a member of our team will contact you and guide you through the process. 

Catalogue Debts Written Off,Catalogue Debt,What is Catalogue Debt?

What Are The Pros & Cons Of An IVA?

As with many things in life, there are benefits and consequences we need to consider. Take a look at our Pros and Cons article to find out whether an IVA is right for you

Catalogue Debts Written Off,Catalogue Debt,What is Catalogue Debt?

Does An IVA Have Fees?

Setting up an IVA does incur some costs; however, you will not be expected to pay anything up front at the beginning of the arrangement and there will be no surprise costs at the end of the arrangement.

IVA FAQs

Scroll to Top