IVA Debt Solutions

Write Off Debts With IVA Debt Solutions

Debt Management Companies
Student Money Guide
Debt Settlement
Apply For IVA
How To Go Bankrupt
Government Debt Solution
How To Negotiate Debt
Borrow Money/Loans
Home Budgeting Software
Free Budget Worksheets
Online Gambling Debts
National Debt Helpline
Direct Payday Lenders

To Advertise On This Site Please Contact Us

Debt Negotiation Guide:

Stage One
Contact Creditors

Stage Two
Prioritise Creditors

Stage Three
Financial Statement

Stage Four
Make Offers

UK Debt Help: Get Debt Help with 123 Debt Solutions

Popular Pages:

Debt Management:

How Do I Consolidate My Debts

Debt Consolidators

Debt Management Firms

Debt Management Counselling

Free Debt Management Plan

Debt Management Programme

Debt Management Helpline

Debt Management Schemes

Consumer Debt Management

Online Debt Management

How Can Debt Management Help You?


How To File Bankruptcy

Bankruptcy Rules

Bankruptcy Questions

IVAs And Trust Deeds:

IVA Debts

Individual Voluntary Arrangement Bankruptcy

IVA Or Bankruptcy


Information On IVA

Individual Voluntary Arrangement UK

IVA Debt Solutions

Debt Advice IVA

IVA Debt Solution

IVA Credit

IVA Insolvency

IVA Remortgage

What Is IVA

Scottish Trust Deeds

Trust Deeds Scotland

General Debt Advice:

Self Help Debt

Write Off Debt

Debt Written Off

Sample Settlement Of Debt Letter

Free Sample Letters To Creditors

Bailiffs And Council Tax

County Court Claims

Debt Limitations

Mortgage Shortfalls

Money Saving Techniques

Christian Debt Solutions

Government Debt Advice

Government Debt Management

Unclaimed Money For Free

Scottish Debt Advice

Debt Specialists

Clear My Debt

Free Printable Budget Worksheets

Personal Financial Statement

Doorstep Loans

Do It Yourself Debt Negotiation

123 Debt Solutions Reviews

Approved Debt Solution

Payday Loans

3 Month Payday Loans

Compare Payday Loans

Instant Payday Loans UK

Online Payday Advances

Payday Loans Lenders

Payday Loans No Credit Checks

Payday Loans With Bad Credit

UK Payday Loans

Urgent Payday Loans

Help To Consolidate Payday Loans

Private Bad Credit Lenders


Information On IVA Debt Solutions

Go Straight To Recommended IVA Providers

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

IVA Debt Solutions

The IVA debt solution is something that is only available for UK residents. IVA stands for Individual Voluntary Arrangement, and it is a scheme that was set up by the government in 1986 to provide an alternative to becoming bankrupt for small businesses. The scheme has developed since then and is now regarded as a highly valuable and popular way to deal with very serious debt problems for individuals.

The equivalent of the IVA debt solution in the US would be debt settlement, which is a way of writing off a large proportion of unsecured debts. Debt settlement does not really exist in the UK because the IVA effectively does the same job, but arguably better. The fact that an IVA proposal is a formal and legally binding agreement gives it some advantages over other debt solutions.

IVA Debt Solutions - Advantages

The key focus and main advantage of an IVA is that you just have to make affordable regular payments towards your debts for a fixed period of time, after which your remaining debts are written off. That is what allows this particular debt solution to be able to deal with really serious debts that are simply impossible to repay in full. They provide a way of wiping the slate clean without having to go through the trauma and stigma of bankruptcy.

Unlike other debt solutions such as debt management plans, an IVA proposal is a formal document for a legally binding agreement. There are several advantages in this. Firstly your creditors are legally not allowed to pursue you to recover their money and they are prohibited from taking legal action against you once the IVA debt solution is in place.

The other main advantage in this formality is that if 75% of your creditors vote in favour of the IVA, any creditors that do not want to take part are compelled to join in anyway. The 75% relates to the proportion of the debt, so if you had one creditor who was owed over 75% of the total debt, all you would need would be the agreement of that single creditor for the IVA to cover all your other debts too.

This can be very useful if you have a reluctant or difficult creditor who does not want to co-operate. With a debt management plan there would be nothing you could do to make any creditor join the plan if they did not wish to.

The IVA debt solution was created to provide an alternative to bankruptcy, and there are several advantages in using an individual voluntary agreement over filing for bankruptcy. The stigma is one of the main concerns people have with bankruptcy, and this is largely avoided with an IVA because it is a private arrangement, so it does not get published in a newspaper.

The other big concern with bankruptcy for homeowners is that you immediately lose control over all your assets, which can often mean selling off your home to raise money for your creditors. This is unlikely to happen under the IVA debt solution, though if there is equity in your property there may be a requirement to release it, depending what can be agreed with creditors.

IVA Debt Solutions - Possible Disadvantages

While the legal aspect of an IVA has certain advantages, the possible down side is that you lose the flexibility that you would have with a different debt solution. If your circumstances changed you would be able to leave a debt management plan, but it is not that simple with an IVA. You would have to make a strong case to get your regular IVA payments reduced if your income went down, and if you got more money you would be expected to use at least some of it to pay towards your debts.

You need to meet certain criteria to get an IVA proposal, and these include having at least £15,000 worth of unsecured debt to a few different creditors. Unsecured debts include credit cards and personal loans and such like, but you will not be able to include any mortgage debt in an IVA, as that is a type of secured loan.

It is still possible that you may not be able to set up an IVA proposal if one or more creditors do not want to, and they are owed more than 25% of the debt.

An Individual voluntary arrangement normally lasts for five years, which is a lot longer than bankruptcy and usually longer than some other debt solutions. It is also still possible for you to be made bankrupt if you fail to keep up with the agreed payments on the arrangement.

IVA Debt Solutions - Getting An IVA Proposal

If you decide that you would like to apply for an IVA proposal it makes good sense to apply to a few different companies before deciding who you want to look after you for the next five years. Comparing proposals and the way advisors deal with you is a good way of making sure you get the best value offer and find people you are happy to deal with.

All the best IVA providers have simple online forms on their websites, which you can complete very quickly and easily. They then get back in touch with you by telephone to get a bit more detailed information, which they then use to assess your situation and make a proposal. The main IVA page of this site has a list of some of the most reputable and effective IVA providers in the UK:

Go To The List of Recommended IVA Providers

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

protected by copyscape

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.