Personal IVA

An IVA is a personal debt solution for people living in England, Wales and Northern Ireland and was introduced as part of the Insolvency Act in 1986.

An IVA provides the framework for an new agreement to be reached between an individual and their creditors, where reduced payments are offered for a predetermined, fixed period.

A single payment, set to an affordable level, is made each month into the IVA and replaces the contractual payments due to creditors. In this way each IVA is based on the personal circumstances of individual concerned, ensuring their IVA is unique.

IVAs are designed to act as a formal alternative to bankruptcy for those people who want to avoid the severity of the bankruptcy process for whatever reason.

To qualify for an IVA the applicant must have personal debts above £10,000 owed to at least 2 different creditors. Follow this link to read more information on how to set up an IVA.

The Personal Debt Solution

The suitability of an IVA will be determined by the personal circumstances of each individual applicant and a careful personal assessment is undertaken by the IVA adviser to establish whether an IVA is a viable solution.

If it is suitable, an IVA proposal is prepared, highlighting the personal offer being made to creditors through the IVA.

Creditors are given the chance to vote on whether they accept or reject the offer being proposed and they cast their vote at the Creditors' Meeting.

Personal assets

One of the major advantages of an IVA can be found in its ability to protect assets that would otherwise be vulnerable in bankruptcy.

Assets, such as equity in a property or an expensive vehicle are, in general, protected by an IVA.

Once an IVA has been accepted by the necessary majority of creditors, all creditors bound by the IVA forfeit their right to take legal action in pursuit of their debt.

Personal IVA Advice

If you would like to learn more about the personal aspects surrounding an IVA, then please call 0800 088 7503 where one of the My IVA Adviser team is waiting to assist you.

Alternatively, simply complete this form and one of our advisers will call you at your preferred time.

Ask for Help

Key Information
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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.

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