IVAs : Individual Voluntary Arrangement
An Individual Voluntary Arrangement(also known as an IVA) is a procedure that is part of government legislation and is available to people struggling to repay their loans, overdrafts and credit card bills.
There are certain criteria to entry but if you live in England or Wales, have debts of around £15,000 or more and owe money to more than two different companies which you are struggling to repay then you may qualify for an IVA.
In very simple terms, an IVA allows you to payback what you can realistically afford
over a fixed period of time, usually 5 years, with any sums you can’t afford to
repay being legally written off. During your IVA you are legally protected from
your creditors, who cannot add interest and charges to your account.
An IVA is however a serious undertaking. It isn’t for everyone and there are some downsides. For example an IVA stays on your credit report for 6 years and if you fail to adhere to the terms of the IVA creditors can take further action against you
What to do Next
If you think that an IVA is a more appropriate option for your circumstances :- Call our team of IVA advisers for a chat about your situation on 0800 169 4255.
- Click here to apply for a DebtMatters IVA online
- To find out more about an IVA from DebtMatters, click here to visit out IVA website
Solutions
- What are the Alternatives to a Debt Management Plan?
- IVAs : Individual Voluntary Arrangement
- Debt Consolidation
- No Credit Check Banking with Prepaid Card
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