About Individual Voluntary Arrangement (IVA)

In short, IVA, short for Individual Voluntary Arrangement, is a debt management solution that can be availed in England, Wales, and Northern Ireland, by borrowers who are unable to repay their debts on time to their creditors. It is considered to be a better alternative than going bankrupt, and the borrowers & creditors are both benefitted fairly. The IVA UK help procedures are carried forward by a licensed Insolvency Practitioner who will study your financial situation, your debts, your income, your credit history, and gather other required details to talk to the creditors to whom you owe your payments, and will try to sort out your debt issues. If 75% of the creditors agree to the debt help terms, it will be finalized, after which you will have to repay the mentioned amount within the stipulated time period. Since an IVA is a legal arrangement, you don’t have to worry about the safety & liability issues, and also, since it is a private agreement, you do not even have to worry about the information going into the public unless they search for it in the Individual Insolvency Register database. However, after 3 years of your IVA term, all the information will be removed from the public register. With an IVA, you can write off up to 80% of the debts & repay your debts in a manageable & a more affordable way, and control your finances to live a much organized financial life.

Illustrative Example For IVA Help Services

Assuming That You Owe –
  • Unsecured Loans
    £4500
  • Overdrafts
    £2500
  • Credit Cards
    £2000
  • Utility Bills
    £1000
  • Other Debts
    £2000
  • Total Debts
    £12,000
  • Previous EMI for 24 Months

    £500

  • Revised EMI After Write Off

    £100

  • % Debt Written Off

    80%

How it Works

Step 1

Fill & Submit Online A Fully Filled-In Application Form

Step 2

A Licensed IP Will Get In Touch & Study Your Situation

Step 3

The IP Will Coordinate Between You & Your Creditors

Step 4

If Agreed By The Lenders, Your Debts Will Be Written Off

Submit online form

Submit An Online Filled Form

Legal IP

A Legal IP Will Get In Touch

IP will study your debts

The IP Will Study Your Debts

IP will sort with creditors

The IP Will Sort With Lenders

IVA UK Write off most debts

Write Off Most Of Your Debts

Perks Of Availing IVA Services

Individual Voluntary Arrangement (IVA) is probably one of the most prominently availed debt management services by debtors who face the stressful issues of not being able to repay their debts that they owe to their creditors on time. The final IVA comes with terms that will be beneficial to both the creditors & the debtors, as the debtors will repay manageable amounts, and the creditors will receive at least a small amount of their money instead of losing everything. The IVA offers many other benefits too, and few of them include –

Need Approval from creditors

Need Approval From 75% Creditors Only

If 75% of your creditors agree to the IVA, it will be finalized, and applicable even to those who do not agree for it

No more haunting by lenders

No More Hunting Down By Lenders

The lenders will no longer chase you for repayments until the IVA period, & they have to deal with your IP

No fees

No Advance Fees

At SwiftDebtAssist, we do not charge any additional fees or other upfront charges as we assist you in availing IVA advice & services

Secure your belongings

Secure Your Belongings

With an IVA, you can legally write off your debts, and the lenders or the court will no longer seize your assets

Frozen interest

Freeze Your Rates

All other charges, including the interest rates, will be frozen on the total debt amount that you owe to your lenders

Manageble repayments

Manageable Repayments

With IVA solutions, you can write off your debts by making affordable payments and manage your finances well

Live A Debt Free Life With Our IVA Debt Relief Services

Frequently Asked Questions

An Individual Voluntary Arrangement (IVA) is a kind of a debt management service, availing which you can repay the debts that you owe in a more affordable way, and the unaffordable debts can be written off in a safe & legal way. An IP will sort out your financial issues with your creditors, and if 75% of your lenders agree with the IVA, it will be finalized, and up to 80% of your debts can be written off.

With an IVA, you can write off different types of debts, and most of them include unsecured loans. These unsecured loans also include – personal loans, credit cards, overdrafts, Council tax arrears, store cards, Benefit arrears, tax debts, utility bills, etc. Typically, secured loans are not included under the IVA solutions, but sometimes, mortgage loans, along with other factors can be considered for IVA debt plan.

To avail an IVA, you will have to make sure that you genuinely cannot repay your debts on time to your creditors, and so you are seeking help to write off your debts. The allotted IP will study your financial situation, your income, your debts, your asset value, your credit record, and other related details, and will then work on a solution that could help you write off your debts, and at the same time be amicable for the creditor too.

In order to have an Individual Voluntary Arrangement (IVA) finalized, you should not have debt amounts that exceed a total amount of £50,000. Also, your financial situation should be genuinely such that you cannot afford to repay them, and your total asset value should be close to a minimum. If 75% of the creditors agree to the terms, the IVA will be finalized & applicable even to the lenders who do not agree to the agreement also.

In case you do not follow the IVA UK orders, you will have to face its dire consequences. Your credit rating may fall off further, your assets may be seized, or in the worst case, you may be forced to go bankrupt. All these may directly or indirectly have an impact on your employment. So, it is essential that you explore & understand the details about IVA, its pros & cons, and other relevant details before making a final decision.

For more help and advice, visit the Money Advice Service, an independent service set up to help people manage their money. Or find out more about the different options for paying off your debt here. IVAs are not available in Scotland. Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk