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.

One of the frequently used forms of debt consolidation is an Individual Voluntary Arrangement between creditors and debtor. This arrangement is supervised and has to be approved by the court. For an individual, a voluntary arrangement is a procedure, where a person comes to an arrangement with creditors in how their debt will be consolidated and discharged, without needing to go bankrupt. Almost everyone can consider an IVA for solving their debt problems, because this debt consolidation method has been put in place for everyone; so undertaking Individual Voluntary Arrangements is not defined by profession and job.

Applying for an IVA is depending on personal circumstances, which mean your personal debt has to be higher than £15,000, which amount you owe to more than 3 different companies, creditors or financial institutions. According to the amount of the debt, you need to be able to offer a monthly payment to your creditors, which is usually £200 per month.

Usually all types of unsecured debts can be included within Individual Voluntary Arrangements. The unsecured debt category includes personal loans, student loans, store cards, catalogues, credit cards, and overdrafts, outstanding balances after home or vehicle repossession or business loans. There are some debts, which cannot be included within an IVA, involving mortgage arrears and secured debts, Rent and Council Tax arrears and fines.

Unlike applying for a debt consolidation loan or building a debt management plan, applying for Individual Voluntary Arrangements requires professional help; you cannot propose to your creditors an IVA by yourself. You need the help of an Insolvency Practitioner or IP, which is defined by the law. This Insolvency Practitioner will be contacting your creditors, helping you get rid of harassments, continuously growing fees and interests. These practitioners are different and they have different ways of charging fees. So search well, because you can even find free home consultations and advice.