We do our best to provide information all around IVA and offer You comprehensive advice for a successful IVA application in all cases of bad credit. Please feel free to contact us on any matter that might cross your mind regarding IVAs and use our contact form or the IVA application form directly. We will get back to you with professional advice on IVA.

The majority of people who apply for an Individual Voluntary Arrangement or IVA are not aware of the main facts, steps and benefits of this legally binding procedure, so before applying it is needed to get IVA explained. An IVA is a legal process for individuals in Wales and England struggling with debt repayment problems. Individual Voluntary Arrangements are formal agreements between debtors and creditors on repaying as much as you can afford the debt, usually within five years, following which your remaining debt is written off.

To become eligible for an IVA individuals have to be insolvent, meaning they are having more liabilities than assets being unable to pay off debts. In the insolvent category enter people having major debt problems, owing multiple debts to multiple creditors over £15,000. An Individual Voluntary Arrangement cannot be done alone, by yourself, because it is a legal process, including professional correspondence, the help of a licensed Insolvency Practitioner, who is dealing with your creditors on your behalf. Before starting this process always ask an IVA specialist and get IVA explained.

During the five years all late fees and interest charges are frozen, creditor phone calls and harassments stopped. After taking into consideration your financial situation, the IP will calculate an affordable monthly payment, which then will be disbursed between your creditors or collection agencies; so you will repay only what you can afford even managing to reduce your debt by up to 70-75%. During these 5 years of repayment period you will no longer have to deal with four or more monthly payments to different creditors, only one, affordable payment to the Insolvency Practitioner, who will do the rest instead of you. So you will not need to file for bankruptcy, just contact an IVA company, which will make you debt free within 5 years without further interests and charges, court actions or harassments.