IVA FAQs

If I can't pay off my debts will I qualify for an IVA?

It's quite possible, but not automatic. Talk to a Help with Debt Consolidation partner first and they'll advise you about your individual situation.

Who actually sets up an IVA?

There are a number of companies offering IVAs. If our partners think an IVA is your most appropriate debt solution, then they'll set this up for you.

Do I need to owe more than £10,000 to qualify for an IVA?

An IVA tends to be most appropriate in relation to serious debt. But talk to one of our partners about your individual circumstances so that they can ensure you fully understand the various debt solutions which may be available to you.

Is there any stigma attached to IVAs?

An IVA can reduce the distress and embarrassment associated with debt repayments.

Who is involved in agreeing to an IVA?

In simple terms it's you, your IVA provider and your creditors. But talk to our partners first for further advice.

How do I choose an IVA provider?

If our partners think an IVA is the right sort of debt solution for you, then they'll recommend a reputable provider from their Approved Panel.

Why should my creditors agree to an IVA?

They will probably do so if they think that the alternative is receiving less or very little through your bankruptcy. It's up to your IVA provider to evaluate the situation and put your case forward.

Why is it best to talk to a Help with Debt Consolidation partner about an IVA?

Our partners are independent and will provide you with specialist debt advice. Don't worry, they're not pushy at all and will let you make up your own mind.

Will I need to tell my creditors that I'm considering an IVA?

You can obtain advice from your IVA provider.

What more can Help with Debt Consolidation tell me about an IVA?

Our partners' specialist Debt Counsellors will explain exactly how an IVA works so you can decide whether it's the right debt solution for you.

Can I speak to an IVA provider?

Help with Debt Consolidation is an independent referrer and can put you in touch with one of our trusted partners who will provide you with specialist advice about getting out of debt. Help with Debt Consolidation partners are one of the UK's leading organisations for specialist debt advice, and can advise on whether an IVA (Individual Voluntary Arrangement) would be the best debt solution for you.

What qualifies as serious debt?

Generally speaking, an IVA is most suitable if you have debts in excess of £10,000 and are genuinely struggling to meet your repayments. Talk to a Help with Debt Consolidation partner in confidence about your financial situation for further advice.

How do I know how much I will have to pay through my IVA?

This is finalised after you have discussed your situation with your IVA provider and they have negotiated with your creditors. But the whole point of an IVA is to make your new monthly repayments affordable.

Are there any alternatives to an IVA?

It depends entirely on your financial circumstances. An IVA is a solution to serious debt, but there are others as well. You should talk to a Help with Debt Consolidation partner first about your debt situation so you can explore all your options.

What happens if my IVA fails?

If the IVA fails, your creditors will be able to pursue you for the full outstanding balance and no credit will be given in relation to any payments for fees within the IVA. Failure could also result in bankruptcy.

For more information regarding IVAs, call us now on 0808 163 9579 to speak to an advisor or complete the form below.

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Call us on our freephone number 0808 163 9579

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