Applying for an IVA in Northern Ireland
For those people that live in Northern Ireland, who are struggling with their personal finances, an IVA could offer you the perfect solution to become debt free.
Introduced as part of the Insolvency Act in 1986, the Individual Voluntary Arrangement acts as an alternative to bankruptcy for those people who have assets or incomes that would be vulnerable under the bankruptcy process.
An IVA can only deal with unsecured debts and must be proposed through a licensed Insolvency Practitioner.
The IVA proposal details the offer being made to creditors, where repayments are based on affordability and set for a fixed time period of usually 5 years.
When the fixed time period is over the IVA completes and the applicant is considered debt free, even if some of the debt remains unpaid by the IVA payments.
Creditors are legally obliged to write-off the remaining debt under the terms of the IVA.
Who Can Apply For An IVA?
Anybody living in Northern Ireland who's struggling to maintain their unsecured debt repayments can apply for an IVA.
To qualify for an IVA you need to:
- Have personal unsecured debts over £10,000.
- Have debts with 2 creditors or more.
- Have an income not solely based on benefits.
- Be unable to afford your unsecured debt repayments.
If this sounds like you, then contact My IVA Adviser on 0800 088 7503 to discuss your options with an IVA specialist.
Or, to be sure, use our debt calculator to generate your free debt report and see whether an IVA is a viable solution.
Where should I apply?
An IVA doesn't need to be set up by an Insolvency Practitioner (IP) who only practices in Northern Ireland, in fact, most IPs operate on both sides of the Irish Sea.
All IVAs are based on the Insolvency Act, whether they are applied for in Northern Ireland, England or Wales.
It used to be the case that there were a few slight localised differences and due to a few these extra requirements some English based Insolvency Practitioners wouldn't consider undertaking IVAs in the province, but, happily, this is no longer the case
Which IVA company is best?
The team behind My IVA Adviser have assisted thousands people to enter IVAs and offer an unrivalled 'bespoke' IVA service.
We always consider each case on its own merits and are able to boast a 98% success rate at Creditors' Meeting.
Indeed, we're proud to have assisted many Northern Irish applicants to successfully apply for IVAs over the years.
How do I apply?
For full details about how to set up an IVA in Northern Ireland, call one of the My IVA Adviser team on 0800 088 7503 and they'll start your application by offering a consultation.
There's no charge for the 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 contact you at your preferred time.