IVA Benefits and Implications

An Individual Voluntary Arrangement (IVA) is a legally binding commitment between you and your unsecured creditors, therefore the decision to enter into an IVA should never be taken lightly.

Please see below for a list of the main IVA benefits and implications that you should consider before you agree to an IVA. We can offer you further information and advice by giving you detailed information about how these IVA benefits and implications can affect you.

For further IVA information, please call our freephone number on 0800 048 1766.

IVA Benefits

  •  Unaffordable debt is written off.
  • One low payment, based on what is affordable to you.
  • Average period of 60 months until you are debt free.
  • Interest and charges will be frozen.
  • Avoid declaring bankruptcy and losing your assets.
  • Legally binding so your creditors can not change their mind once the IVA has been approved.
  • Future career prospects should not be hindered.

IVA Implications

  • High levels of debt (typically over £15,000) before you can be considered for an IVA.
  • Three quarters of your creditors, by debt level, must agree to the IVA before it can go ahead.
  • Five years of making a set monthly payment.
  • Failure to make the monthly payment means that your creditors could start bankruptcy proceedings.
  • You may have to remortgage your home to release some equity.
  • During the IVA term you will not be able to borrow any form of credit.


ˆ Top Of Page ˆ

Name
Home Telephone
Mobile Telephone
Email address
Level Of Debt

Please accept our
Data Protection Policy
to submit enquiry.


Individual Voluntary Arrangement Help Individual Voluntary Arrangement Process Individual Voluntary Arrangement Alternatives Individual Voluntary Arrangement FAQs