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STARTING AN IVA?

Who Can Use An Individual Voluntary Arrangement (IVA)?

Anyone can consider an IVA to solve their debt problem. IVAs can be set up for anyone regardless of their profession. Your ability to undertake an IVA is not defined by your job but you must be unable to repay your debts.

Who Is Eligible For An IVA?

It will depend on your personal circumstances. Normally your personal debts must be above £8,000 and you should have 3 or more different creditors. You must also be able to offer a reasonable monthly payment to your creditors. This will vary depending on the debt. However, as a guide, you will usually need to be able to afford approximately £100/mth.

Which Debts Can Be Included?

Normally any unsecured debts can be included within an IVA. These include but are not limited to:

  • Store cards
  • Catalogues
  • Credit cards
  • Personal loans
  • Overdrafts
  • Outstanding balances after home or vehicle repossession
  • Business loans for which you are personally liable
  • Inland Revenue
  • VAT
  • Council Tax Arrears

Which Debts Can’t Be Included?

Some debts cannot be included within an IVA. These will normally involve secured debts, such as a vehicle HP or Mortgage arrears. Other debts such as rent, CSA, student loans and fines (such as parking offences) will normally have to be paid and provision for the repayment of these debts will be made separately.

Contacting an Insolvency Practitioner (IP)

You cannot propose an IVA to your creditors by yourself. By law, you will need the help of an Insolvency Practitioner or IP (see Glossary). There are a number of reputable Insolvency Practitioners. Please click on our recommended list of IVA companies for more information.

Will I Have To Pay For This Service?

Insolvency Practitioners do not work for free. However, this does not mean that you will be facing a bill if you want to undertake an IVA. Many Insolvency Practitioners will take their fees from the money that you agree you can afford to pay each month. You will therefore not have to pay more than your agreed monthly payment.

Different Insolvency Practitioners have different ways of charging fees so make sure you ask how this will be done and shop around if the need be. Some Debt Management companies and IPs will offer a free home consultation. Take advantage of this offer if you can. You can also look at a selection of IVA companies by clicking here

The above is provided as information only. Iva.co.uk does not provide debt advice. You must always seek professional advice before taking any action to resolve your debts.

Ask the IVA Experts a Question

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Important Information

IVA.co.uk does not provide debt advice. You must always seek professional advice before taking any action to resolve your debts. If you use the IVA Calculator or call the IVA Helpline, we will pass on your details or connect you to one of our partners who will contact you and explain all the options available to you. With your permission they can connect you with authorised debt solution providers who can process an application for you

IVA.co.uk does not charge you any fees for use of our forum or the IVA Calculator, however we do get paid by our sponsors and the partners we work with. Our partners charge fees and those vary depending on the partner and the debt solution. Customers should refer to our partners' websites for more information regarding their services.

Before entering into any debt solution you should ensure that you have considered the implications. Failure to keep up with repayments can result in bankruptcy or legal action. Lenders are not obliged to accept less in settlement of a debt than they are entitled to or to freeze interest or charges. Not all solutions involve debt write off and some solutions may result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions will affect your credit rating which records all financial activity for 6 years. Your assets and property could be at risk in some solutions. Conditions apply and each application will be subject to acceptance and eligibility.

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