The Pros or the advantages of an IVA

Finding the debt solution that offers you the most suitable way out of debt can be a tricky task, as most debt solutions usually have some downsides associated with them, disadvantages caused by the solution itself.

Thankfully, to counterbalance the downsides of each debt solution there are the pros, or advantages and, chances are it'll be as a result of one of these benefits that'll help you choose one particular debt solution over another.

Fortunately, the IVA debt solution is full of pros, or advantages specifically geared to help the IVA applicant regain control of their debt problem.

The IVA Pros or Advantages

Here is a list of the main Individual Voluntary Arrangement (IVA) Pros:

  • Affordable repayments:
    The monthly IVA repayments are set at an affordable level so you can continue with your life without the burden of your debts.
  • Fixed term agreement:
    The agreement is for a fixed period of, normally, 5 years and, once agreed, your creditors can't insist on lengthening it.
  • Debt write-off:
    On the successful conclusion of the IVA, all your creditors are legally obliged to write-off the balance of any unpaid debt, leaving you debt free.
  • Private agreement:
    An IVA is a private agreement and, unlike bankruptcy, it's not published in the press and your employee tax code stays the same.
  • Alternative to bankruptcy:
    The Individual Voluntary Arrangement (IVA) is an alternative solution for those whose occupation restricts bankruptcy as a solution.
  • Protection from your creditors:
    Creditors forfeit the right to take legal action against you and they must refrain from contacting you throughout the whole duration of your IVA.
  • Legally binding agreement:
    A creditor cannot force increases to your IVA repayments once they've been agreed at the Creditors' Meeting, unless your circumstances improve.
  • Protection of your assets:
    Under the terms of your IVA your creditors cannot force you to sell your home under any circumstances, even if it holds equity.
  • Permanent debt solution:
    An Individual Voluntary Arrangement (IVA) is a total debt solution that, when successfully completed, will leave you free of your unsecured debts.
  • Personal satisfaction:
    You have the satisfaction of knowing you repaid as much as you could afford without enduring the stigma that bankruptcy holds for some people.

These are the most widely recognised IVA pros, although the personal circumstances of each case will determine whether there are any other advantages to be found in an IVA.

Getting a balance view

The team at My IVA Adviser believe it's really important to obtain a balanced view if you're trying to make an informed decision on how to tackle a debt problem.

So, whilst it's important to explore the IVA pros, you should also examine the cons, or downsides to an IVA, too.
Only once you have both aspects will you be able to appreciate whether an IVA process is going to work for you.

Professional IVA Advice

If you want to discus you personal circumstances with an IVA adviser to discover how an IVA would be applied to your personal circumstances please call 0800 088 7503.

My IVA Adviser are proud of our No IVA - No fee policy, designed to protect you from un-necessary Insolvency Practitioners costs.

There's no charge for a consultation, there's no obligation to act on our advice and your enquiry will be held in the strictest confidence.

Alternatively, complete this form and one of the team will call you back at your preferred time.

Ask for Help

Key Information
  • We only use your personal data for the purpose for which you provided it.
  • We only share select data with external parties where it is necessary in relation to the services that you have requested we carry out on your behalf, and we'll always ask for your consent beforehand, or if we are required to do so by law.
  • You can always get in touch to ask us what personal data we hold and to correct and update your data if anything changes. For an overview of your rights check out our Privacy Policy.
  • By checking the “Agreement and Consent” box you agree and give your consent for us to use your information for the purpose described.

In accordance with the Financial Conduct Authority's guidance, please follow this link if you would like to read a free guide about In Debt - Dealing with your creditors
To find out more about managing your money and getting free debt advice, visit Money Advice Service , an independent service set up to help people manage their money.

'' is a trading styles of IVAorg CIC. Company Number: 08560305 | Data protection registered ZA033231
IVAorg CIC is authorised and regulated by the Financial Conduct Authority (FCA) | Firm Reference Number (FRN) 684439