We are a 100% free organisation which is run entirely by volunteers
who have all experienced debt at some point in their lives

IVA

There is an alternative to bankruptcy in the UK, it is called an Individual Voluntary Arrangement or IVA, (in Scotland a similar arrangement is called a Protected Trust Deed) This is a way of avoiding the stigma, and financial, as well as other legal repercussions of bankruptcy proceedings.


The IVA began life in 1986 under the Insolvency act, and is a way for debtors to engage in a formal agreement to repay creditors without the need for legal action. This arrangement usually only covers unsecured debt, such as credit cards, and is not usually related to secured debt, such as a mortgage, although it should be pointed out that this is not always the case.


An IVA is a formal contract that is based on the debtors available cash, the size if their income and third party payments, and is usually assessed on a combination of these factors. It basically assesses how much is owed, and how much can be repaid immediately, and/or over the long term to the creditors.


All the creditors decide if the proposal by the debtor is acceptable, 75% of the creditors have to accept the agreement, the advantage to most is that they will receive more of their cash back than if they went for bankruptcy.


Because of the advantages to both sides the IVA is becoming a more common method of dealing with debts that are unpaid, being seen as a good alternative to bankruptcy, which often has little benefit to either side.


It is also possible to enter into an IVA even after bankruptcy if the debts are undischarged. In this case it is usual for the Official Receiver to have the last word on the agreement. This agreement is not usually as beneficial to the debtor so is not used very often.

Latest IVA news

IVA advice for credit card debt

The need for iva advice for credit card debt could be on the cards for many families and couples who have spent over their limit and are finding it increasingly difficult to repay their debt.

IVA advice online

Those with concerns of asking for iva advice may be able to get iva advice online after it was revealed that many people are too embarassed to not only ask for help but admit that they are in a dire financial situation and need the debt help they require.

Can an IVA help with savings?

With the amount of personal debt that the population currently owe back, it is no wonder many Britons are asking questions about savings and debt. An IVA may be able to help those with high debt repayments and little savings who want to be able to save more of their money.

Debt lag causes 400 insolvencies a day

According to research there are almost 400 Brits who become insolvent every single day. This is against the fact that the recession is over, and proves that many are still struggling even though ‘Britain’ is out of the recession.

Unsecured debt advice with an iva?

People worried about unsecured debt and looking for debt advice, an IVA may be something that could offer significant benefits as a debt solution. Many times people in debt keep it to themselves thinking that the problem will go away, this can cause undue amounts of stress and worry.

Will an IVA help with credit card debt?

Britons with high levels of credit card debt could ask debt advisors if it is possible to get iva help with credit card debt in order to find out whether or not an iva would be the ideal debt solution for them.

IVA and divorce debt left over from marriage

What can couples who have recently divorced do about debt that would of otherwise been classed as joint debt. There are always questions surrounding what to do about divorce debt which may have many people concerned about their options. Some could be wondering if an iva could help them, after having only one income could change their finances quite drastically.

IVA Questions

Many consumers in debt may have alot of iva questions they want answering. There are concerns that people in debt who do not act quick enough in easing their financial trouble may find it even harder to get out of debt if they wait too long.

Stressing about debt? An IVA could help

Debt has millions of people worried if they’ll be able to pay off their bills. The interest on debt is often too much for many people to be able to afford to repay. Millions could be now stressing about debt, and looking for something to help ease the burden. This is where an IVA could be a huge advantage to those who are struggling the most with debt problems.

Could an IVA help savings?

There could be an increasing amount of Britons who are struggling to save money as they are already over paying on their debt obligations to reduce the amount of personal debt they have to their name. Those who ask for iva advice may find out whether or not an iva can help with their saving plans.

« Older Entries
Newer Entries »

Get Free Help

Fill in the form and an expert will call you back