What is an IVA?

An IVA (Individual Voluntary Arrangement) is fantastic Government Approved Debt Repayment Scheme which allows people who are struggling with debt become debt free in a short period of time usually 5 years and have up to 75% of the debt written off as part of the arrangement. The government introduced the IVA as part of the Insolvency Act 1986 to give people a second chance. It is a legally binding structured repayment plan which benefits both you and your creditors.

For individuals with over £15,000 of debt an IVA could free you from your unsecured debt usually within 60 months.

At Debt Advisory Line if our award winning Debt Management Plans are not for you, the IVA is the way forward. An Individual Voluntary Arrangement is a legally binding agreement which stops creditors hounding you, ceases all interest charges and can free you from debt in as little as 60 months.

It is designed for people who are struggling with debts and have three or more creditors. To qualify you must have proof of employment, be a UK citizen and owe more than £15,000.

Benefits of an IVA

• One affordable payment usually for 60 months
• Any debt not repaid in the 60 months is written off - up to 75%
• No further action can be taken by creditors
• An alternative to bankruptcy

How do I start an IVA?

First and foremost, give Debt Advisory Line a call on 0800 157 7254 or complete the IVA form. For IVA Advice speak to our dedicated IVA expert advisors who will provide you with Free IVA advice to make sure the right debt solution is selected for your circumstances.

We'll take you through every step, finding and assigning an insolvency practitioner to your case. In order to get an Individual Voluntary Arrangement 75% of your creditors by debt value must agree to accept your proposal for the Arrangement to be accepted.

Get Free IVA Advice from an IVA specialist Complete our IVA Advice Form Now!