Would you benefit from an IVA?

What is an IVA?

An IVA (Individual Voluntary Arrangement) is a fantastic Government Approved Debt Repayment Scheme which allows people who are struggling with debt repay what they owe, usually over a 5 year period and have up to 70% of the unsecured debt written off as part of the arrangement, subject to creditor agreement and only on completion of the IVA.

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 £12,000 of debt an IVA could help you repay your unsecured debts, usually within 60 months.

At Debt Advisory Line if our award winning Debt Management Plans are not for you, an IVA is the way forward. An Individual Voluntary Arrangement is a legally binding agreement between you and your creditors.

An IVA is designed for people who are struggling with debts and have two or more outstanding lines of credit. To qualify you must be a UK citizen and owe more than £12,000.

Benefits of an IVA

• One affordable payment usually for 60 months
• Interest and charges on unsecured debts stopped and frozen
• Protection from legal action by your creditors
• Potential for upto 70% of your unsecured debts written off**

Con's

1. Your credit rating will be affected for 6 years in total
2. Property is  protected. However at the end of the IVA homeowners may be required to release any equity that remains in their home

Average household debt is forecast to rise to £72,341 by 2015 (source Credit Action).  In Q3 2010 13,653 people were being made bankrupt, a 7% rise year-on-year. Bankruptcy is an option to you if you are burdened by high levels of debt; however it is not something that should be entered into lightly. Complet the'Get Advice' form above right, to see if you qualify for an IVA.

Service and fees

We thrive on providing award winning service and our expert debt advisers will discuss all options available to you. If you choose to start a debt management plan there will be a fee involved. Click here for more information on our fees

Individual Voluntary Arrangement (IVA) is specialist service provided by our sister company Mitchell Farrar Insolvency Practitioners LLP

**We must put certain 'priority' debts before others, debt write-off applies to unsecured debts, within and only on completion of an IVA or Trust Deed. * Repayment reduction based on customers taking out a debt management plan or IVA during October 2011.

Repaying debt over a longer period may increase the total amount to be repaid. Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.

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

IVA customer feedback: E & D McDonald - Jan 2011  
Dear Danielle & team. Just a note to say many thanks for all your
help in setting up our IVA you’ve been very patient with us,
been a long haul but we’re there at last...
Many Thanks