What Individual Voluntary Arrangements (IVA) can offer you…

 

1

Monthly payments that are affordable for you

With an IVA, you will only have to make one reduced payment each month to address all your debt. The size of the payment is determined in accordance with your finances so that you don’t find yourself being bombarded with bills you can’t afford.

 

2

Interest and late charges frozen on your debt

An IVA can ensure that all of your creditors freeze interest and late charges on your outstanding balance, so you can move forward towards a debt free future without having to worry about the amount you owe expanding out of your reach.

 

3

Clear off all of your unsecured debt

Providing you keep up with the conditions of your IVA, all of your unsecured debt will be written off after 5 years. This is regardless of whether you have paid the full amount you owe, so you can proceed in the future financially secure and debt free.

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A few of The Debt Help Council’s advantages

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Unsecured debt written off after 5 years

Your IVA debt will be written off after 5 years, irrespective of whether you have cleared the full balance included in your arrangement.

Monthly repayments that fit your finances

Your personal insolvency practitioner will arrange a singular monthly repayment with your creditor’s which is sized to fit your finances.

Committed money advice service

Our friendly members of staff will be with you all the way to alleviate your problems and provide you with any IVA advice you require.

Phone harassment ended

All creditors are legally obliged to stop contacting you once an IVA is put into place and all problems will be dealt with for you by your insolvency practitioner.

Job protection

Your job status will be left unharmed by taking out an IVA, so you don’t have to stress about any drastic and negative changes at your workplace.

Interest and late fee cessation

You no longer have to be concerned with the balance of your debt rising through late and interest fees as an IVA ensures your creditors stop applying them to your account.

Court action protection

Once the terms of your IVA is agreed, a court moratorium will be enacted that stops your creditors taking court action against you.

Keep your car

As long as your car is worth less than £5,000, you will be allowed to retain ownership of it, without having to worry about repossession.

Home retention

With an IVA, you will not be asked to sell your home in order to clear your debt, so you can retain stability in your personal life.

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F.A.Q

What is an IVA?

An IVA is a legally binding arrangement between yourself and your creditor’s that allows you to make a singular monthly repayment to contribute towards all your debt. Essentially, you must acquire the services on an insolvency practitioner, who will then use details of your current finances to make a reduced payment offer to your creditors. You must have an insolvency practitioner working with you otherwise you will be unable to enter onto the Insolvency Register. If 75% of them agree, then they are all bound to your arrangement, and you will have to make sixty smaller monthly payments over 5 years in order to clear off all of your unsecured debt. Once the 5 year arrangement comes to an end, your outstanding balance will be cleared, even if a considerable amount is left.
You must have a higher debt balance than the value of all your assets in order to get an IVA, and must uphold the terms of your arrangement or else risk a termination of your agreement.
To see if an IVA is the best debt solution for you, or any other assistance with queries you may have, contact us today and we’ll make sure that your problems are dealt with quickly and in full.

What are the Pro's and Con's of an IVA?

IVA Pro’s

  • Entire unsecured debt written off after 5 years, even if you have outstanding liabilities.
  • Your house will be left untouched with an IVA, and you can keep your car as long as it’s valued at less than £5000.
  • All of your unsecured debt repayments will be made into one, singular monthly sum that is determined to match what your finances can afford.
  • All court action that your creditor is threatening or undertaking against you is stopped.
  • Late and interest fees are stopped so your outstanding balance does not rise anymore than it already is.
  • Your personal insolvency practitioner will make sure that any difficulties with creditors are handled for you.

IVA Con’s

  • A record of your arrangement will be kept on the IVA register for 6 years, which might affect your ability to get credit in the future.
  • Your credit rating will be lower after using an IVA, though it is likely that it will already be damaged if you are insolvent.
  • You may have to release equity in your house during the last year of your deal.

What criteria must I meet to acquire an IVA?

You have to be technically insolvent, meaning that the total value of your debt must be higher than that of the collective worth of your assets.
You have to get the services on an insolvency practitioner as they are needed to make your arrangement legally binding.
You must not have made any applications for either an IVA or for Bankruptcy in the past year.

Is an IVA the best solution for me?

Ultimately, an IVA is a debt solution that enables you to clear off all your debt, without comprising the stability you currently enjoy in your life. Your house will be left untouched and your payments will be fixed at a value affordable to your finances, so no major changes will take place whilst you tackle your debt head on. You will also enjoy the services of your own personal insolvency practitioner, who will formulate a pay plan with your creditors that is suited to you.
However, you may wish to write of your debt quicker, or may have an urgent need for credit in the future, so it is likely a different solution is better suited to you.
You must also be able to pass the IVA test, meaning that you have to be insolvent and have an insolvency practitioner who has agreed to act as your nominee. Ultimately, if you desire to clear all of your debt in a manner that works round your finances, and are prepared to stick to the terms for a long period, then an IVA is an excellent solution to your problems. You are able to maintain your property and your car, and do not have to worry about relentless phone calls or legal action from your creditors. If you however want to clear your debt in a shorter period, then a more radical short term option might be better suited to you.
To see if an IVA is the answer to your debt problems, or for any further information about what it can do for you, contact us today and we’ll get back to you as soon as possible so that you can achieve freedom from debt moving forward into the future.

What others are saying

  • "I was never aware that there were so many options available to me in order to deal with my debt problems, and was using short term finance in order to make my monthly loan repayments. The Debt Help Council provided me with a number of debt solutions to choose from which allowed me to start making a single monthly repayment, and this really had a positive effect on my standard of living."
    Leonard C.
  • "The Debt Help Council gave me a chance to deal with my debt head on, and were supportive throughout my struggle. After identifying my route out of debt, they stayed with me throughout the solution and helped me keep up with my payment plan. I am proud of what I achieved, but I couldn’t have done it on my own. Many thanks to The Debt Help Council!!"
    Hardeep N.
  • "The members of staff helped me on a personal level and really inspired confidence in me that made be believe that I could be debt free. Dealing with my debt was made far less daunting with the knowledge that I always had my personal advisor just a phone call away who was firmly on my side. Thank you!"
    Aaron S.
  • “The Debt Help Council helped me during a time where I thought it inconceivable to clear my debt. My creditors were really piling the pressure on and I had to pay more and more each month.After my consultation, I begun believing that I could clear my debt, and the members of the staff supported me throughout my new repayment plan so that I never felt I was going through it by myself.”
    Jason L

Reduced monthly payments

Reduced monthly payments

Your insolvency practitioner will negotiate the best deal for you so you pay what you can afford without affecting your living standards.

 

Court action
stopped

Court action
stopped

Once your IVA is put into place, no legal action can be taken against you so you can move forward without worries.

House Ownership Maintained

House Ownership Maintained

With an IVA, your house is left untouched so you can pay your debt without worrying about a visit from the bailiffs.

Unsecured debt written off in 5 years

Unsecured debt written off in 5 years

It’s simple, you keep up with the terms of your arrangement, and you’ll be debt free in 5 years.