Individual Voluntary Arrangement (IVA)
You may have heard of IVA’s before, hopefully what you have heard is good, but chances are that some of what you have heard may be exaggerated or wrong. It has been claimed by a large number of companies in the past that 70-75% of your debt is written off in an IVA. The reality is that an IVA, which stands for Individual Voluntary Arrangement, is dealt with as an individual case. Whilst if you are successful, a large chunk of your debt may be written off, it is impossible to say how much without going through the process. What we can say is that we will work on your behalf to get you the best deal we possibly can.
If you have never heard of an IVA before, you may be interested to find out that they are a way of reducing your debts to a manageable level, without having to go bankrupt or take out any additional credit. If you have £12,000 or more debt owed to more than 2 companies, then an IVA may be the right way to go. Though there is more to it than that, and there may be a better way to go for you.
Read more about IVA advice and guidance
Individual Voluntary Arrangement (IVA) Assessment
In all cases we make an assessment based on your individual circumstances to see how much you can realistically afford to pay towards an IVA. Should you fit the criteria, we will contact all of your creditors and propose the IVA under conditions which should be more suitable to you. Once they agree the terms, all of your debts will be grouped together and you will make one single payment to your IVA, which will be repaid to your creditors in proportion to the amount owed to each of them. An IVA usually lasts 5 years, at the end of which, your remaining unsecured debts will be written off.
Under an IVA from The Debt People
- You will only pay what you can afford
- Your creditors will stop hassling you
- Additional interest will stop accruing
- A single monthly payment will replace all your unsecured debt payments