What Is An Individual Voluntary Arrangement? | IVA UK

Individual Voluntary Arrangement (IVA)

The IVA UK help procedures are carried forward by a licensed Insolvency Practitioner who will study your financial situation, debts, income, 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.

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 them.

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Illustrative Example For IVA Help Services

% Debt
Written Off

80%

Previous EMI
for 24 Months

£500

Revised EMI
After Write Off

£100

Check your Eligibility

Assuming that you Owe –
Unsecured Loans

£4500
Overdrafts

£2500
Credit Cards

£2000
Utility Bills

£1000
Other Debts

£2000
Total

£12,000

How it Works

Step 1

Fill & Submit Online A Fully Filled-In Application Form

Online Application is a quick process to know your details and requirements. It will help us in understanding your financial status.

Step 2

A Licensed IP Will Get In Touch & Study Your Situation

An IP will come up with the perfect solution you need for having a peaceful financial life. It will help you clear all your debts efficiently.

Step 3

The IP Will Coordinate Between You & Your Creditors

No need to worry about convincing your creditors concerning debt reduction. Your Expert IP will handle these trivial matters.

Step 4

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

When 75% of your creditors agree upon the agreement, you can write off 80% of your debts and can clear the rest in regular intervals.

Why Choose Us

No Creditor Chasing

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

Debt Waiver

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

Safe and Secure

Right from applying to processing the request, our entire procedure is simple, safe, transparent, and uncomplicated

Fixed Charges

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

Manageable Terms

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

Save Your Assets

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

Frequently Asked Questions

An Individual Voluntary Arrangement (IVA) is a kind of a debt management plan, 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 debt solutions from IVA companies, 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 orderswhich are recorded in the IVA register, 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 towards bankruptcy. 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.

SwiftDebtAssist that undertakes procedures to provide debt management, debt adjusting, and debt counseling solutions. We directly do not provide the debt help solutions, but offer no-obligation referrals to customers and help them get connected with trusted & licensed providers of various debt management solutions, from whom suitable free debt advice can be availed, as per their financial circumstances.

Get Out Of Debt In The Most Shielded & Secure Way With IVA UK Help

Clear 75% of your debts

100% safe and secure

Experienced advice

Individual Voluntary Arrangement (IVA)

Illustrative Example For IVA Help Services

80%

£500

£100

Assuming that you Owe –

Unsecured Loans

£4500

Overdrafts

£2500

Credit Cards

£2000

Utility Bills

£1000

Other Debts