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How It Works

What Is An IVA?

An Individual Voluntary Arrangement (IVA) can provide one way to get back on track with your finances. IVA's are a binding agreement between you and your creditors (credit cards, loans, store cards, overdrafts, catalogues, old bills etc..). You make one affordable monthly payment for a fixed period of time. At the end of that period, any unaffordable debt that has not already been paid off is written off.

Once you’ve been accepted for an IVA, your creditors can no longer chase you for your debts, which means all letters and phone calls will stop.

How Can An IVA Help Me?

The key benefits of an Individual Voluntary Arrangement (IVA) are:

  • Write OFF up to 85% of your debt

  • Debt free in typically 60 months

  • One affordable monthly payment covering all debts

  • Keep your home & car

  • Stop & reduce creditors and collection agency calls

  • Freeze interest & charges on your debts

  • Avoid bankruptcy

IVA Criteria

What Debts Can I Include In An IVA?

You can include any of the following debts in an IVA:

  • Personal Loans
  • Credit Cards
  • Store Cards
  • Catalogues
  • Payday Loans
  • Hire Purchase
  • Old Utility Bills
  • Tax Debts

Secured loans are debts which are secured against your home. This means if you can’t pay the debt, they can take your home from you. You can include secured loans, mortgage or rent arrears in an IVA. However, your creditor will have to give their permission for it to be included and they are unlikely to do this.

Do I Qualify?

You must meet the following minimum criteria:

  • You must owe £6,000 or more unsecured debt
  • You must owe money to two or more creditors
  • You must be able to pay back a minimum of £75 per/m
  • You must be employed or self employed
  • Owe £6,000 or more in debt
  • Owe money to 2+ creditors
  • Afford to pay at least £75 per/m
  • Must be employed or self employed

Any amount of debt can be included in an IVA. There are no minimum or maximum limits set by the law. However, your creditors are unlikely to agree to an IVA unless your total debt is more than £6,000.

Example Creditors We Can Help With

IVA Example

EXAMPLE DEBTS

  • Personal Loan£5,500
  • Credit Card£2,500
  • Credit Card 2£1,000
  • Store Card£800
  • Catalogue£1,200
  • Old Utilities£500
  • Overdraft£2,000
  • Total Debt£13,500

EXAMPLE TOTAL DEBT

EXAMPLE MONTHLY PAYMENTS

BEFORE IVA
£400

PER MONTH

AFTER IVA
£76

PER MONTH

Payments
Reduced By 81%

DEBT BEFORE IVA
£13.5K
DEBT AFTER IVA
£6K
DEBT WRITTEN OFF
£7.5K