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How an IVA could help you
An IVA (Individual Voluntary Arrangement) could be your way out of unmanageable debt without declaring yourself bankrupt. With an IVA you could:
- Repay your unsecured debts without the need for a loan
- Have one repayment tailored to your circumstances
- Potentially freeze interest and charges
- Deal with your creditors on your behalf
An IVA is a legally binding agreement between you and your creditors. They agree not to pursue you for the outstanding unsecured debt once you have successfully completed your IVA. You agree to pay as much as you can over a fixed period (normally 5 years).
When would I consider an IVA?
An IVA could help if your debts are out of control and you can't see a way to pay them off. It could be that you simply owe too much, or because interest and charges are piling on the debt faster than you can repay it.
What are the consequences of an IVA?
- If you do not keep up with your repayments you may be declared bankrupt
- If your circumstances improve you may have to pay more
- Your IVA will appear in a public register and on your credit record
- You may have to release equity from your property
How would IVA Advisory Centre deal with my IVA?
Our Insolvency Practitioners will work with you to draw up an IVA proposal, showing your lenders what your financial siuation is. If enough of your lenders agree, the IVA can go ahead.
Alternatively to apply for a free call-back click here
What fees are involved?
Once you've discussed your situation with one of our advisers, they may recommend that you enter a specific debt solution. Should you do so, fees will be charged. As one of the UK's longest-established debt solution providers, we are committed to providing an excellent service - and charging competitive fees. Click here for more on our fees.
Will my credit rating be affected?
Entering an IVA will affect your ability to obtain credit for 6 years.
What if I change my mind?
You are not under any obligation to enter a debt solution. Should you decide to do so - and subsequently change your mind - you will have the right to cancel the agreement at any point during the first 14 days of accepting the terms of engagement and claim a full refund of any fees you have paid us. Remember, IVAs are legally binding and once approved do not have a "14 day cancellation" period.
Our debt advisers are helping 1000s of people each month.
For a confidential debt assessment, call:
0800 970 5489