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Advice On Using An IVA In The UK:
Guide To Individual Voluntary Arrangements
Complete The Online Form At The Bottom Of This Page To See If You Are Eligible For An IVA
(through one of the UK's leading Debt Companies)
Or Go Straight To The List Of Recommended IVA Companies
Residents of Scotland Should Refer To The
Protected Trust Deeds Page
See Also IVA Questions For Quick Answers to IVA FAQs, and
Read About The Disadvantages Of An IVA
This page is only relevant to UK citizens as IVAs do not exist outside the UK. The nearest equivalent process for US residents is Debt Settlement, which also involves writing off large portions of your debts.
IVAs are not available in Scotland, but the equivalent is called a Trust Deed, which works in very much the same way and achieves the same result. Please refer to the Protected Trust Deeds page for further information and recommended providers.
Individual Voluntary Arrangements are formal agreements between you and the people you owe money to (your creditors). Under the agreement you arrange to make certain payments over a fixed period of time, in full and final settlement of the debts. It is often seen as preferable to the publicity and stigma associated with bankruptcy.
Under an IVA, you will normally be required to make regular monthly payments to your creditors out of your surplus income, over a period of up to five years. The amount of your debts will be frozen at the date the IVA is agreed, and interest will generally not continue to build up.
If you keep up your payments you should be debt free at the end of the five year period, often with a large proportion of your debts written off. This is, however, dependant on the approval of your debtors. At least 75% of creditors (by value of the debt) need to agree to the terms of Individual Voluntary Arrangements. Any creditors who do not agree to these terms are still bound by them, provided they are accepted by those owed over 75% of the debt.
How To Arrange An IVA - Finding The Best IVA Companies
The main thing you need to do is try to get quotes from at least two reputable debt management companies. Rates and offers will vary enormously and there are a lot of companies out there who care less about solving your long term problems than they do about getting a fee out of you.
The following are recommended starting points for some well established and reliable organisations who will be able to offer you professional advice and give you an answer quickly. Consult these and you will be off to a good start.
Some of these companies may advise you that an IVA is not the most appropriate solution for your circumstances, and offer an alternative route. Remember that an IVA is a very specific thing, so please:
Do not go to the trouble of completing applications for these companies unless you at least meet the following criteria:
- You are a UK Resident
- You are struggling to repay at least 2 unsecured debts such as loans, credit cards, overdrafts, bills, etc
- You are looking for an IVA or debt management help, NOT a loan
(if you are interested in a debt consolidation loan, please complete the Loan Form on the main Loans page) - You have a source of income with some money spare each month to put towards your debts
Please note that IVAs cannot help with secured debts, such as mortgages, hire purchase or council tax arrears.
If the above criteria describe your situation, the following companies can definitely help you to turn your situation around.
Recommendations For The Best UK IVA Companies
Top Choice: NoDebtNow
You can apply for free advice on a whether you are eligible for an IVA from NoDebtNow direct from this site by completing the Online Form at the bottom of this page.
NoDebtNow are our top recommendation because they are one of the most respected and reputable providers of IVAs and debt management plans in the UK. They are members of the Debt Managers Standards Association (DEMSA) which is approved by the Office of Fair Trading for protecting the interests of consumers.
For an IVA you will need to have unsecured debts of at least £15,000 but even if you have less than this you may be eligible for help through a debt management plan.
Apply for help from NoDebtNow by completing the simple Online Form below.
Also Recommended For IVAs: 123DebtSolutions
This company specialise in putting people in touch with the most appropriate debt specialist for their situation. By working with many partners they are able to offer a range of solutions including debt management plans and IVAs.
An experienced debt advisor will be appointed to deal with you throughout the process and you will get regular updates to show you exactly how things are progressing. They will stop your creditors contacting you and try to reduce the interest charges you pay.
To be offered an IVA proposal by 123DebtSolutions, you will need to have at least £15,000 worth of unsecured debt to at least two creditors. You can either complete the simple online form on this site or visit their website and they will get straight back in touch with you to discuss your situation.
Also Recommended For IVAs: SolveMyDebt
Well established and respected, SolveMyDebt have a team of expert debt advisors who will go through your situation with you and tell you if an IVA is likely to be the best solution for your situation. They also offer debt management plans, so even if you are not eligible for an IVA, they may still be able to assist you.
To apply for a IVA you must be:
- UK Resident
- over 18 years of age
- Normally have at least £15,000 in unsecured debts to at least two creditors
To find out how they can help, just visit their website and fill in the simple 'urgent enquiry' form on left of page. Make sure you enter your contact details accurately and fully, and complete the other basic information required. An advisor will then make contact with you to see if an IVA will be the best solution to your problem.
IVA In UK - What Is The Cost Of An IVA?
Writing off a significant proportion of your debt is a very attractive proposition, though you need to be aware that there is still a cost associated with setting up and running an IVA. A company who arranges an IVA for you will normally be taking their fee out of the payments you make to creditors, but considering that a substantial proportion of your debt should be written off, a successful IVA should more than make up for this and still be well worthwhile. Any reputable company will provide you with full information about the cost of the arrangement and how they get paid, so ensure you understand this before signing a contract.
All Individual Voluntary Arrangements are negotiated, set up and maintained by an Insolvency Practitioner (a lawyer or accountant). The Insolvency Practitioner will help you put together a proposal and arrange a meeting with your creditors to discuss it.
Remember that if you don't keep up with the payments you agree, you can still be made bankrupt.
IVA In UK - The Advantages of An IVA
- A significant portion of your debts could be written off
- You don't have the stigma and publicity that bankruptcy brings (an IVA is a private arrangement and not even your friends and family need to know about it)
- You are less likely to be required to sell your home
- You are debt free in up to five years
- You only have to pay back what you can actually afford
- The IVA's set up costs are lower than for bankruptcy, so you should be able to offer more to creditors
- You only have one monthly payment to consider
- You are involved in setting up the agreement and deciding what assets are made available to creditors
- If you are in business you can continue to trade, and you are not prevented from being a company director or working in certain sectors, as you would be with bankruptcy
- Any creditors who oppose the terms of the agreement are still bound by its terms, provided at least 75% sign up
- An IVA stops creditors harassing you for payment and protects you from legal action
- You can still operate a normal current account, provided you don't want an overdraft facility.
IVA In UK - Other Considerations To Be Aware Of
- Usually only applicable if debts are usually at least £15,000
- You will not be able to take on any unsecured borrowing during the course of your IVA
- Will only work if at least 75% of creditors agree to the terms
- If you fail to keep up payments under the IVA's terms, you could be made bankrupt and have the IVA's costs added to your total debt
- Future applications for credit could be affected by the IVA's record on a public register, even after the IVA has expired
Apply For UK Debt Help Now
Complete This Simple Online Form For A Free Review By An Advisor From Our Recommended Debt Company, NoDebtNow
Just submit the form and an advisor will get straight back to you
Use This Form To Apply For Debt Management Plans and IVAs Only
If you have debts of LESS than £2,500 please complete our alternative Online Form instead
If you wish to consider the option of a consolidation loan, please complete the form on the Loans page
Please Only Submit If You Are A UK Resident
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