An IVA (Individual Voluntary Arrangement) is a fantastic Government Approved Scheme which allows people who are struggling with debt to 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.

Depending upon your circumstances with this debt service you benefit from:

• Any unpaid balance of your debts written off - as much as 75%.
• One affordable payment which usually lasts for 5 years.
• All interest and charges on your debts will be frozen.
• You will be protected from further court action.
• All contact from your creditors will Stop.
• Your monthly payment is based on what you can realistically afford.
• IVAs unlike bankruptcy will not be published in your local newspaper.
• It will not affect your job in any way i.e. if you are a police officer or in the armed forces. *(subject to contract)

IVAs have become increasingly popular as debt solutions over the past few years for those who find themselves over committed. Last year over 15,000 people entered in to an IVA to alleviate their debt problems and are now on their way to becoming debt free and stress free.

Is an IVA suitable for me?

An IVA debt solution is suitable for a person who is finding it increasingly hard to pay their monthly unsecured credit commitments such as loans, store cards, credit cards, overdrafts and catalogues. 

What criteria do I need to meet?

You do need to meet certain criteria if you want your proposals to be accepted, which are:

• At least 3 different creditors.
• A minimum debt level of £15,000.
• A minimum monthly contribution of £200, depending on debt level.
• Be in full time employment.

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