What is an IVA?
An IVA (Individual Voluntary Arrangement) uses government backed legislation enabling you to be debt free in around 60 months. However, not many people in debt are aware of what is an IVA or how an IVA could help them.
Only an insolvency practitioner can set up an IVA, a process which can write off up to 75% of your unsecured debt.
Of the people who DO know what an IVA is, many of those people are unaware that insolvency practitioners have different fee structures and charges, some of which are unique to a person’s own set of circumstances. So how do you know which IVA solution is best for you?
In some cases, insolvency practitioners can charge up to 80% of your monthly IVA payments in their FEES and often intermediary companies will take an additional 2 months contributions before you even start your IVA!
IVA Advantages
- Instantly reduce your monthly outgoings and start living again!
- Stay in your home and keep your car
- Be debt free in 60 months
- Incorporate all of your unsecured debt into the IVA
- Pay back what YOU can afford
- Write off up to 75% of your debt
- Creditors cannot take legal action once IVA is finalised
- An IVA is a private arrangement between you and your creditors. No-one else will be involved
IVA Disadvantages
- Your credit rating will be affected although this may already be the case
- Certain occupations may need prior approval - Police Force, Financial sector
- No more borrowing during the IVA period
Why use IVAcompare.net for your IVA help
- No setup fees whatsoever!
- IVAcompare.net will get you the best deal available from up to 30 insolvency practitioners in the UK saving you thousands!
- Unlike other companies we have NO fees and all your contributions go directly to the Insolvency Practitioner
- We do not share your details with other marketing companies
People often ask us what is an IVA is more commonly known as in Scotland. In Scotland an IVA is called a IVA. Visit our sister website TrustDeedScotland.net to find out What is a IVA.
IVA example
| Credit card: | £10,000 |
| Personal loan: | £15,000 |
| Store card: | £6,000 |
| Total owed: | £31,000 |
| New repayments: | £300 |
| Total repaid: | £18,000 |
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