Main Points of IVA

• A Goverment Legislation that helps you clear your debt
• Up to 75% of unpaid debt is written off
• Alternative to declaring yourself bunkrupt
• IVA usually has a 5 timeframe

IVA

What is IVA ?

IVA stands for Individual Voluntary Agreement. It is a official agreement between you and your creditors. The agreement means in most cases a freezing of interest rates, reduction in total debt owed and legal protection from creditors.

It is an official agreement as it is legally binding. It must be supervised and approved by a licensed insolvency practitioner. As long as you fulfil the agreed payments you have total protection from any legal action.

Typically debts are paid off within 5 years. You pay according to whatever income/expenses is affordable. The amount you can not afford to pay, in most cases, can be written off. This can be any amount upto 75%.

Is IVA the solution for me ?

Difficult to answer without knowing your financial circumstances. For us to quickly assess your financial situation, fill in our quick application form and talk to our debt advisors for a non obligation chat. They will be able to ascertain if you are eligible for such a programme and talk with you about any knock-on effects that you may experience.

If you are eligible then your creditors will also have to approve. You will need at least 75% of your creditors to approve before a IVA is accepted.