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What is an IVA

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 a serious debt problem the opportunity to repay their creditors reduced payments, whilst protecting themselves and their assets from the threat of legal action and Bankruptcy.

An IVA is a legally binding 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 the applicant and their creditors, which replaces all ‘unsecured’ debt payments with just one payment, which is based on affordability.

What is an IVA’s duration? An IVA normally lasts for a fixed time period of 5 years (or 60 months), though it can consist of just one ‘Lump Sum‘ payment. The term for the IVA is fixed before it begins and, once agreed, creditors cannot change it.

What is an IVA’s minimum debt level? An IVA’s minimum debt level is set to £12,000, below which the applicant will no longer qualify for an IVA. The debt must also be owed to at least 2 different creditors.

What is an IVA’s minimum repayment level? An IVA’s monthly repayment is set to a minimum of £150 per month for a £12,000 debt level, but this figure will rise in proportion to the size of debt to be included into the IVA. Essentially, the more you owe, the more you will be expected to pay back.

What is an IVA’s purpose? An IVA is designed primarily to act as an alternative to Bankruptcy. Its purpose being to help people by providing an alternative for those who have assets to protect, or those whose income would suffer as a result of being declared bankrupt. However, an IVA is a very powerful debt solution and can be used by any individual with a serious debt problem who wants to avoid Bankruptcy. And, so long as their circumstances qualify them for an IVA, anyone can apply.

What is an IVA’s application procedure? To apply for an IVA you need to speak with an IVA adviser. They will help you establish whether an IVA is in your best interests and whether you qualify. Once the application process has begun, it takes 5 - 8 weeks to complete, after which you will be told if your application has been accepted by your creditors.

Please Note My IVA Adviser charge no upfront fees for an IVA application and you will not be required to make payments to us before your IVA has been agreed. In essence NO IVA - No Fee.

Who are My IVA Adviser?

The people behind My IVA Adviser are IVA specialists and have been offering IVA help and Advice for the last 8 years. We have assisted many hundreds of clients enter into an IVA of their own by first answering the fundamental question of “What is an IVA?” as, for many, this is where the journey begins.

As we have already mentioned, we do not charge any upfront fees, yet we offer an unrivalled full term service to each of our IVA clients. This means that from your ‘first contact’ right until the final payment of your IVA, you will have access to your personal IVA adviser who will be there to help you with any problems you may encounter during the complete term of your IVA, at any time, 24/7.

This service we provide to all our clients FREE OF CHARGE which sets us apart from other IVA providers.

Our most prized asset by far is our small team of specialist IVA advisers.

They all have many years experience in providing straight talking and clear IVA advice by avoiding the jargon and confusing technical terms, with the sole aim of helping you understand every aspect surrounding the IVA Pros and IVA Cons before you even consider entering into the IVA process.

We are not a call centre, we are IVA specialists. Quite simply - We know what we’re talking about.

So, if you are considering entering into an IVA, have an IVA question that needs an answer, or simply would like to start by asking “What is an IVA?” then call us now and put us to the test.

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 an IVA is in your best interests, then call 0800 088 7503 to arrange a call or, alternatively, leave your details on our quick contact page and we will call you back at a time that is more convenient to you.