What is an IVA

An IVA or Individual Voluntary Arrangement, to give it its full title, is a fixed term repayment plan, designed to allow someone with serious debt problems the opportunity to repay their creditors whilst avoiding Bankruptcy.

An IVA is a formal agreement, which first came into force on 29th December 1986 as part of the Insolvency Act 1986, bringing with it major changes to personal insolvency in the UK.

IVAs are available to all people who live in England, Wales or Northern Ireland. People in Scotland have their own version of the IVA, which is known as a Scottish Protected Trust Deed.

So what is an IVA? An IVA is a new agreement between a debtor and their creditors, which replaces all the other expected payments to creditors with one affordable monthly repayment.

What is an IVA’s duration? An IVA normally has a fixed time period of 5 years (or 60 months) though it can consist of just one ‘Lump Sum‘ payment.

What is an IVA’s minimum debt level? An IVA’s minimum debt level is set at £15,000, below which the debtor will no longer qualify for an IVA.

What is an IVA’s minimum repayment level? An IVA’s minimum repayment is set at £200 per month, but this figure will rise as the level of debt in the IVA rises.

What is an IVA’s purpose? An IVA is designed primarily to act as an alternative to Bankruptcy. It is aimed at people who have large assets to protect, or those people whose income would suffer as a result of being declared bankrupt. However, an IVA is available to any individual with a serious debt problem who wants to avoid Bankruptcy and, so long as their circumstances qualify for an IVA, anyone can propose an IVA to their creditors.

My IVA Adviser specialise in providing IVA advice and IVA solutions for people with debt problems.

We offer a full term service from ‘first contact’ to the final payment of your IVA.

We have a team of specialist IVA advisers who can offer straight forward IVA advice, without jargon and confusing technical terms in order to help our clients understand the IVA Pros and IVA Cons.

Follow this link to read and find out more on the IVA application process

If you would like My IVA Adviser to provide you with a free IVA consultation, to help you establish whether or not an IVA is in your best interests, then call 0800 088 7503 to arrange a call.

To find out more about My IVA Adviser call us now on 0800 088 7503 or leave your details on our quick contact page and we will call you back at a time that is more convenient to you.