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Who Can Get IVA Help?

If you live in the UK and are experiencing serious debt problems you may be able to write off a large part of them using an Individual Voluntary Arrangement. If you are struggling to keep up with payments and have unsecured debts of at least £15,000 you should consider contacting a debt specialist to see what they advise. You should apply to more than one company and always take care to approach only the most reputable companies.

You can find a list of some of the most highly regarded debt help organisations on the main IVA page of this website, or you can apply direct to my top recommendation, 123 Debt Solutions, using the form at the bottom of this page.

What Happens When You Get IVA Help?

Individual voluntary arrangements were introduced as a way of providing businesses with an alternative to going bankrupt. They have since become most widely used for dealing with consumer debt problems, such as credit cards, personal loans and other bills. What you get from an IVA is a way of just paying back what you can afford for a fixed period, after which anything left unpaid is written off.

Once it is set up, you just have to make a regular monthly payment, based on what you can reasonably afford after paying your essential household bills. This goes towards the debts that you owe and carries on for the duration of the arrangement, which is normally five years. At the end of this period you will usually have paid back part of the debts, but not all of what you owed. The remaining debt that you have not been able to pay back is now written off and your creditors are not allowed to try to recover any of that money.

This agreement provides a way of dealing with debts that you would otherwise simply never pay back. When the amount of your debts becomes much more than you can ever hope to repay, you will be unable to solve this problem with a debt management plan or by borrowing more money. You can either file for bankruptcy or get an IVA to write off up to 75% of your debts.

The Advantages Of This Legal Agreement

An individual voluntary arrangement is a formal agreement and therefore legally binding. This is unlike a debt management plan, which is informal and much easier to get out of if you change your mind or if your circumstances alter. There are pros and cons to this aspect of it. The possible downside is that if you were to come into some money you could not just cancel the arrangement. You would be tied into it unless you have very good reasons not to be, so any money you come into would have to be paid, in part at least, into the arrangement to go to your creditors.

To get an IVA set up you need the agreement of 75% of your creditors. When you have that agreement, then any other creditors who are reluctant to join in will have no choice and be compelled to sign up too. This can be a great benefit in getting all your debts included even when you have creditors who are not keen. The 75% relates to the proportion of your debt, rather than the number of creditors, so you could have two or three creditors that did not want to join, but provided they represent less than 25% of your debts they would have to participate too.

Where To Get An IVA – Specialist Providers

The most important decision you can make with regard to getting debt help is choosing which debt specialist to get to help you. It is worth at least being aware that not all organisations claiming to offer debt help are going to give you honest advice or sort out your problems. If you are not careful you could end up with a company that will only advise you to do whatever makes them most money, then charge you large fees and keep you in debt far longer than you need to be.

For this reason you need to take a few simple precautions. Shop around a bit, as you would for anything else you are looking for, and apply to a few different companies. Applying is very easy as all the best organisations have simple online forms you can fill in. This just takes a few minutes and then they call you on the phone to get a bit more information. Only by having a full understanding of your finances can they advise you on whether to get IVA help or some other course of action.

You can find a list of some of the most reputable providers of an IVA UK on the main IVA page of this site. Alternatively you can apply for help by our preferred debt advisor NOW by completing the form at the bottom of this page.

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