IVA Help

If you're in debt, you're not alone. We're here to help you.

An Individual Voluntary Arrangement is usually referred to as an IVA and can be an effective debt solution if you are in serious debt. It is viewed as an alternative and less drastic debt solution to bankruptcy.

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IVA advantages & disadvantages

Advantages

  1. Unsecured debts written off at the end of a fixed term.
  2. Interest payments are frozen by law.
  3. One monthly affordable payment.
  4. Your assets (house, car etc) are protected.
  5. Payments are calculated to be affordable; whilst in an IVA your home is protected from legal action and unsecured creditors cannot force you to sell it.
  6. Creditors cannot chase you.
  7. All unsecured creditors are bound by the agreement.

Disadvantages

  1. Cannot obtain credit whilst in an IVA
  2. Credit rating is poor for a year after the IVA.
  3. Default can result in bankruptcy.
  4. Creditors may not accept the proposal.
  5. If you have equity in your home you may be required to release it to your creditors. This is usually achieved by increasing the level of your mortgage towards the end of your IVA. If this is not possible you are likely to be required to extend your IVA payments by up to an extra 12 months.