See If You Qualify For An IVA

If you qualify for an IVA, then it can often be your quickest route to becoming debt free! No other debt solution (except from bankruptcy) can write off any part of your debt.

An IVA (Individual Voluntary Arrangement) is Government legislation, introduced as a more practical alternative to bankruptcy. If you qualify for an IVA, you need to make one reduced monthly payment to your debts. Once the IVA term is up, all remaining debt is written off and you are debt free!

IVAs are most suitable for those with 3 or more creditors and owe more than £15,000.

To see if you qualify for an IVA, please call our Debt Free advisors on 0808 131 0039.

 

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)