An IVA offers a solution to debt. Simply, an IVA is a formal agreement between you and your creditors. This agreement is based on how much you can afford to pay each month and usually lasts for a period of five years. Once all required payments are made, the outstanding debts are written off.

Why choose an IVA?

Debt is devastating. If you don’t act fast, you could lose everything. If you’re in too deep and are scared you can’t see a way out, an IVA could help. An IVA is an increasingly popular attractive alternative to bankruptcy. And by choosing an IVA, a fresh financial start is just weeks away.

An IVA will allow you to pay whatever is affordable into a fund over 60 months. Payments are based on a fair assessment of your income and outgoings. As such, payments tend to be significantly less than the existing minimum payments on your credit cards and loans. As payments are based on affordability, whatever debt is left after the five years is written off. This can be the case even if creditors end up getting less than 30% of their debts repaid.

Can I qualify for an IVA?

Yes, if you

Have unsecured debt of £15,000 or more Earn a regular monthly income Can pay minimum monthly payments of £250
The IVA must be approved by your creditors and, therefore, your proposal must be a complete and honest reflection of your earnings and assets. Your IVA can be prepared and presented to your creditors within 4-6 weeks, depending on your co-operation and individual circumstances.