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.

Individual Voluntary Arrangements, IVAs are the best solution of debt relief for people struggling with overwhelming debt problems. An IVA is a legally binding formal agreement between creditors and debtors due which debtors come to an agreement on making reduced payments to pay off a percentage of overall debt owed. This agreement usually lasts for five years, during which you will make monthly payments to pay off a part of debts. Because the Individual Voluntary Arrangement – IVA is a formal agreement it has to be set up by licensed professionals, Insolvency Practitioners.

People having financial difficulties can apply for an IVA to settle their debts by making a formal proposal to creditors. Once this proposal is accepted by all of your creditors, all debt charges and interests will be frozen and creditors cannot demand additional payments and cannot harass you during the period of the IVA. The monthly payments are based on your disposable income and once the last payment is made all your existing and outstanding debts are legally written off; according to your circumstances, an Individual Voluntary Arrangement or IVA can write off up to 65% of your debt.

You need to give basic personal and financial information to your Insolvency Practitioner, basing on which your IP will make an application for the court to get an Interim Order. This being paced, no creditors will take actions against you. Your Individual Voluntary Arrangement, IVA will only be accepted if all creditors vote for the IVA. As long as you keep up with monthly payments for 60 months at the end of this period all existing debts will be written off. The monthly repayment amount is based on your income minus expenses, but be prepared to have at least £200 for IVA expenses. When the Individual Voluntary Arrangement – IVA is accepted you will have to pay the monthly amount to your IP who will then distribute this amount among all of your creditors. At the completion of the IVA- Individual Voluntary Arrangement, even if you had not paid off all your debts you will become debt free and make a new financial start.