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What is an IVA?
What happens during an IVA?
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Individual Voluntary Arrangement (IVA)
We have 20 years experience with IVAs. Quickly find out if it's a suitable solution for you with our three steps
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Typical Example from all our customers who were recommended an IVA
This average example shows how these customers' payments were made more affordable each month.
Typical Example
Personal unsecured debt
£33,080
Number of lenders
9
Previous monthly debt repayments
£717
New monthly debt repayments
£177
These figures are based on the averages across all IVA's arranged for customers in 2017. We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable.
On average over 17,000 people in the UK benefit from an IVA each year
An IVA is a legal agreement to repay a set amount to your lenders (IVAs are not available to Scottish residents).
IVAs are affordable
You'll make one reduced payment each month – it'll be affordable for you, and will take into account your essential expenditure, such as your rent or mortgage.
Freeze interest & charges
If your IVA is approved, lenders will freeze interest and charges and they'll stop chasing you.
Your debts will be written off on completion
Once you've completed your IVA, any outstanding balance on your unsecured debts included in the IVA will be written off. Any unsecured debts not included will remain outstanding.
Equity release
You'll be able to keep your home, however you may need to release equity to repay your debts. If you're unable to re-mortgage, you may need to make extra contributions for 12 months. Re-mortgaging could result in a higher interest rate.
Terms of the IVA
You could be required to reduce spending on non-essential items. If the IVA fails, you could be at risk of bankruptcy.
Credit rating
Your IVA will appear on your credit rating for six years from the date it's registered and details will be included in the publicly available Insolvency Register.
Answer a few questions online, find out if an IVA is suitable for you
Quickly find out if an IVA is right for you
IVAs are available subject to eligibility and acceptance, alternative solutions may be offered. Fees payable if continuing service are provided. Our fees are explained here.
To find other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.
The IVA has become the most popular personal insolvency procedure in the UK to date
What will happen during an IVA...
If you own your own home, with an IVA you have the ability to safeguard it
Answers to common IVA questions
Will I have to cut back on my spending?
You'll be expected to cut back on any spending that isn't essential so you pay as much as you can reasonably afford until your debt is written off
Will it affect my credit history?
Details of the IVA will appear in the publicly available Individual Insolvency Register and will show up on your credit history for six years from the day it starts – which will affect your ability to obtain credit
Will my home be at risk?
If you're a homeowner, you may be asked to release any equity in your property in the final year of the arrangement. You may be subject to a higher re-mortgage interest rate as a result of being on an IVA. If you can't re-mortgage, you may be asked to make up to 12 more monthly repayments instead
What will happen if I fail to make payments?
If you fail to stick to the terms of your IVA, you could be made bankrupt
Further information about IVAs
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