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How To Write Off Your Debts With A UK IVA

Apply For An IVA Now By Filling In The IVA FORM At The Bottom Of This Page

You will be contacted by an expert advisor from 123 Debt Solutions, one of the UK's leading debt specialists

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Apply For An IVA Now

If you think you may be eligible for an IVA you can apply now to one of the UK's leading debt help companies, NoDebtNow, using the IVA form on this page.

The easiest way to find out if an IVA would work for you is to apply for an IVA by completing the simple form at the bottom of this page and an expert advisor from NoDebtNow will get straight back to you to go through your situation and tell you whether they are able to offer to set up an Iva.

Will I Be Eligible For An IVA?

An IVA is an Individual Voluntary Agreement, available only to UK residents. It is a legally binding agreement so should not be entered into as lightly as something like a debt management plan. Neither is it possible to set up an IVA just because you would like to. IVAs can only be arranged through insolvency practitioners and you will need to meet certain criteria for the arrangement to be viable. While it is not necessary to have the agreement of all of your creditors in order to arrange the agreement, it is necessary for creditors representing at least 75% of the debt to vote in favour of setting it up. One advantage of an IVA is that if you can get 75% of creditors to agree, the rest have no choice but to join in too. This is a good way of ensuring that all of your debts are dealt with.

For your creditors to vote for an IVA they are voting to receive a lot less than the full amount they are owed. They are not going to do this unless they can see that the reduced amount is likely to be the most they can possible get. They need to know that your situation is so serious that the only alternative is bankruptcy, which may well leave them with nothing. As something is better than nothing, they will usually vote to set up the IVA. They are unlikely to vote for it if you clearly have enough money to repay your debts in full. Therefore just wanting to write off your debts is not sufficient grounds to set one up.

You will normally need to have about £15,000 of unsecured debt to a few different creditors. If all you debt is to one company the plan cannot work and you cannot include secured debts, such as mortgages, council tax or hire purchase agreements. Unsecured debts are just those ones that are not secured against you home or other assets. Credit cards, personal loans and bank overdrafts are all examples of secured debts.

How Does An IVA Work?

If you are able to have an IVA set up for you, you will make a single, regular monthly payment into the IVA, which goes towards your debts. This amount will be based on what you can afford and will be divided fairly among your creditors. All dealing with your creditors, including passing payments on to them, will be done by the insolvency practitioner. When you have made your payments for five years (or less if agreed) your debts are considered settled in full. For example, if you owed £40,000 and managed to pay back £18.000 over the five year period, the remaining £22,000 would be written off.

Having an IVA does affect your credit rating, but not as severely as bankruptcy would. There are other big advantages over bankruptcy too, including the fact that it is not made public in the same way, so you do not need to tell anyone about it if you do not wish to. You are also far more likely to retain your home. With bankruptcy you lose control over your assets completely, which often means losing your home.

What If I Cannot Get An IVA?

An individual voluntary arrangement will not be possible unless your situation is as described above. You will also need a steady source of income so that you can keep up regular monthly payments. If you do not fully meet these criteria, you may still be eligible for a debt management plan. Rather than writing debts off, this is a way of reducing the cost of your repayments to make it possible to repay your debts in full. You still end up with a single, affordable monthly payment instead of lots of debts.

If you apply for a review using the online form below they will also be able to offer you a debt management plan if an IVA is not possible.

Apply For UK Debt Help Now

Complete This Simple Online Form For A Free Review By An Advisor From Our Recommended Debt Company, 123 Debt Solutions

Just submit the form and an advisor will get straight back to you

You Can Use This Form To Apply For Debt Management Plans, Debt Consolidation Loans,
IVAs or Trust Deeds

Whatever the nature of your debt problem, it is worth checking to see which solution could work for you.

Please Only Submit If You Are A UK Resident

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.