An IVA can freeze your debts and allow you to pay them back over a set period. Debt still owed after this period is written off.
Set up and managed by an insolvency practitioner (IP) an IVA is a form of insolvency which allows you to write off up to 81% of unsecured debt with government legislation, and offers an alternative to bankruptcy.
However, an IVA will affect your credit rating for six years and your information will also be placed on the public Register of Insolvencies for the duration of the plan.
Once you enter an IVA, creditors can take no further action against you and can’t contact you directly.
In an IVA a single monthly payment is agreed with your current financial situation taken into consideration – this payment is then divided between the people you owe money to.
During the course of your plan all interest and fees associated with your debts are frozen.
At the end of the IVA the remaining debts are written off and you can begin your debt-free future.
An IVA can be a positive way to manage your debts, however, to be eligible you must meet the following criteria:
Most unsecured debts, meaning debts that are not tied to an asset such as your home, can be included in an IVA. This includes:
Secured debts that can’t be included in an IVA are:
Our online form will give our advisors an insight into your financial worries.
Our advisor will speak to you and advise on the debt solutions available.
If you are happy, our advisors will get you started with your debt solution.
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