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Debt Negotiation Guide:Stage One
How Do I Consolidate My Debts
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Individual Voluntary Arrangement UK
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What Is IVA
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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.
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:
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.
To see if you are eligible for an IVA just fill out the simple Online Form at the bottom of this page. An advisor will get straight back to you.
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 Online Form below or visit their website. An expert will be in touch to go through your situation.
You can apply for free advice on a whether you are eligible for an IVA from Kensington Finance direct from this site by completing the Form immediately below.
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 to Kensington Finance now by using the following form:
Please Only Submit If You Are A UK Resident
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.
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
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.