IVA - Individual Voluntary Arrangement
IVA.co provides the very best IVA information and IVA Help and Advice to anyone wishing to enter an IVA and it does this without charging any introductory or 'up front' fees.
What is an IVA?
An Individual Voluntary Arrangment is a formal debt solution which acts as an alternative to bankruptcy and is available to people living in England, Wales or Northern Ireland who is struggling to repay debt levels above £12,000.
How long does it last?
An IVA has a fixed term, normally set at 5 years, during which the IVA applicant agrees to make monthly contribution which have been calculated as being affordable for the applicant.
How does it help?
At the end of the agreed fixed term of the IVA, all the original debts are considered legally settled and, even though they may not have been fully repaid by the contributions, the creditors are legally obliged to write-off any remaining debts.
How else can an IVA help me?
Once the IVA has been agreed by the necessary majority of creditors, the IVA's terms and conditions bring other obvious benefits to the applicant, including:
- protection of assets as creditors cannot force the sale of your property once the IVA has been agreed.
- a guarantee to freeze interest for the duration of the agreement
- a halt to any legal action being taken by creditors
- a bar on late payment charges by creditors
How do I apply for an IVA?
Simply call IVA.co on 0800 088 7502 and one of our advisers will arrange a confidential consultation with you to establish whether your personal circumstances are best suited to an IVA. During the consultation they'll explain all the important information you'll need to be able to make an informed choice as to which of the available options you want to take.
If you decide you want to apply for an IVA, you can simply leave the rest to us.
Alternatively, take this link and complete our online application form, with your preferred call back time and an IVA advisor will call you.