IVA.co.uk

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