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IVA WIZARD
  > Find out if you qualify for an IVA

Debt Wizard

Find out how much of your debt you may be able to write off.

Interest rates frozen Government approved scheme
Be debt free in 60 months Repaired credit rating
Legally binding agreement Protection from creditors
Complete the Form to see if you qualify for an IVA
  Total debt (approx): £
(please enter a number only)
 
  Number of creditors:
(companies you owe money to)

(please enter a number only)
 
  Monthly income:
(approx):
£
(please enter a number only)
 
  Monthly expenses:
(not including debt repayments)
£
(please enter a number only)
 
Do you own your own home? Yes No
  Postcode: £
 

 

DISCLAIMER:
This IVA wizard is approximate and should only be used as a guide. Please seek professional advice before making a decision on how to best deal with your debt situation. Try the IVA helpline on 0800 197 48 38 to get professional advice on the solutions available. Talk to at least 3 companies before making a decision.
 

MORE INFORMATION ABOUT IVAS
  > Find out more about IVAs

What is an IVA?
An IVA is an agreement with your creditors to make a single reduced payment each month which lasts for a sensible period of time (normally 5 years). Once agreed, creditors are not allowed to add further interest or charges to your accounts by law. The agreement is fixed - meaning that creditors can not randomly demand changes to it. The arrangement is governed by the Insolvency Act of 1986. A common misunderstanding is that people think undertaking an IVA is like going Bankrupt. This is not the case. The IVA is specifically designed to avoid the many issues and stigmas surrounding Bankruptcy.

Pros and Cons of IVAs:

PROs

  • Debt Free in 5 Years
  • Telephone Calls and Payment Demands Stopped
  • Interest and Late Payment Charges Frozen
  • Single Monthly Payment
  • Repaired Credit Rating
  • Fixed, Legally Binding Agreement
  • Protection from Court Action
  • A Private Agreement
  • Professional Status Unaffected

CONs

  • Possible Release of Home Equity
  • Minimum Level of Debt
  • No Unsecured Borrowing During the Arrangement
  • Stick to a regimented regime for 5 years
  • Damaged Credit Rating
  • Longer than Bankruptcy
  • Pay back more than you will in bankruptcy
  • You must include all creditors

For a more in depth look at pros and cons of IVAs then
IVA Pros and Cons click here ...

 
IVA WIZARD
-Do you qualify
for an IVA?

-Write off up to 60% of your debt
-Ave write off 45%
Total Debt:
£
No of creditors:
Monthly income:
£
Monthly expenses:
£
Own home?
Yes No
Postcode:
£

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Media Coverage

Credit Today
"Calls for IVA Council Inquiry"
08-May-2008 - Print

Credit Today
"Bankruptcy numbers ‘worrying’ for economy"
06-May-2008 - Online

Daily Mirror
"Young, free, single...and broke"
05-May-2008 - Print

ThisIsMoney.co.uk
"Insolvencies rise for first time in a year"
02-May-2008 - Online

Irish News
"Singles more likely to consider declaring insolvency"
02-May-2008 - Online
Free E-Books

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Parking Fines Guide
How to get parking fines refunded!
Bank Charges Guide
How to get all bank charges from the last 6 years refunded!
IVA & Debt Leaflet
Find out all the debt solutions that are available.
Credit Repair Guide
Find out how your credit file works and find out some ideas for how you can improve it.
The Debt Penalty

Online documentary about debt.
The IVA Book
Get the IVA Book from Amazon or visit the official support site here
Read blogs from people doing IVAs:
IVA blog from Steve Hitchens