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Individual Voluntary Arrangement
IVA
If you are a resident from England, Wales or Northern Ireland and find yourself struggling with debt then an Individual Voluntary Arrangement (IVA) could be a solution to help you gain financial control and have a clear path of when you will be debt-free again.
After the last few years, things have been difficult for everyone financially in one way or another due to many situations where unexpected financial losses or expenses have risen.
If you find yourself owing £7,000 or more in unsecured debts then you may be eligible to benefit from an Individual Voluntary Arrangement (IVA) which would normally get you debt-free in just five years only paying what you can afford to repay and any debt you cannot afford to repay is written off.
Like any debt solution it is always best to seek professional advice prior to choosing a solution as there are always downsides but as an Individual Voluntary Arrangement (IVA) in the UK is the most commonly chosen legally binding debt solution then don’t struggle alone and find out if you can lift debt stress and our friendly non-judgemental team are on hand to check you qualify and answer any questions or concerns.
Find out if you qualify
You could write off debts you cannot afford to repay
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An IVA may not be suitable in all circumstances. Fees may apply. Entering into an IVA will affect your credit rating.
The debt write-off amount for each customer differs depending on their circumstances and is subject to approval by their creditors. This amount is also subject to creditors’ approval before an IVA can commence.
What is an IVA?
Learn more about the Individual Voluntary Arrangement (IVA), what it is, what it can do if you are struggling in debt, who it can help and who it would not help.
Learn about the UK’s most popular debt solution and learn more about writing off debt you cannot afford when struggling with debt and being debt-free in just five years, paying back only what you can afford.
Who qualifies for an IVA?
To qualify for an Individual Voluntary Arrangement (IVA).
- You must be a UK resident
- You must owe at least two or more companies’ money
- You must owe at least £7,000 or more in total in unsecured debts
- You must have a private income such as employment, self-employment, a private pension
- You must have a steady income
- You must not be able to afford to clear your debts in five years on your own
What debts can be included in an IVA?
One of the most common questions after an enquiry for an Individual Voluntary Arrangement (IVA) debt solution is what debts can be included?
All unsecured debts can be included, all debts that are not tied to an asset such as a mortgage or hire purchase unless you do not have the house/car anymore. Please note student loans cannot be included unless the debt has been sold to a Debt Purchaser.
Debts that can be included in an Individual Voluntary Arrangement (IVA) but not limited to;
Loans, Credit Cards, Overdrafts, Store Cards, Buy Now Pay Later Debts, Council Tax Arrears, Rent Arrears, HMRC Debts, Department for Work & Pension (DWP) Debts, Payday Loans, Doorstep Loans, Catalogues/Mail Order Debts, Mobile Phone Bills, Energy Debts, Cable/Internet Debts, Insurance Debts, Sole Trader Debts, Guarantor Debts
Our IVA Process
What is the process when setting up an IVA through IVA Helper?
Find out more about our process when setting up an Individual Voluntary Arrangement (IVA) through IVA Helper, what you need to provide, what information and documents we need to get you approved and expectations on how long each step of the process will take.
Your Expert Group, scottishtrustdeed.help, River Insolvency, ivahelper.co.uk are trading names of YEG Insolvency Limited which is Authorised Representative (FCA Number 987650) of Secure Financial Management Limited which is regulated by the Financial Conduct Authority.
Free and impartial help with money – MoneyHelper
Secure Financial Management Limited’s FCA number is 550186. You can confirm this by checking the financial services register by visiting the FCA website www.FCA.org.uk?register or by contacting the FCA on 0800 111 6768. The registered office is 89 West Regent Street, Glasgow, G2 2BA. Registered in Scotland company no: SC393839. Registered with the ICO under the Data Protection Number ZA328512
Donna Forey is Licensed to Act as an Insolvency Practitioner in the United Kingdom by the Institute of Chartered Accountants of Scotland.
A formal debt solution may not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
*Debt examples are subject to creditor acceptance, payments are subject to individual circumstances, credit may be affected. Fees may apply.