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IVA - Individual Voluntary Arrangement UK | Get Rid Off Your Debts | SwiftDebtAssist

What is Individual Voluntary Arrangement?

An Individual voluntary arrangement helps you in not getting bankrupt and pay back the debts over a period of time. It is a legal debt solution for individuals who live in England, Wales and North Ireland. It is a formal alternative and a legal binding agreement between the individual and creditors. If 75% of the creditors to whom you owe the debt agree to IVA, then it will be applicable to all the other creditors also. IVA can be taken only with the help of an Insolvency Practitioner (IP) who charges ongoing fees that are in addition to the debt. Mostly, an IVA Help UK service lasts for 5 years, and the debtor repays affordable amounts until the end of this period.

IVA is also one of the debt management solutions that suits your needs by freezing your debts and pay them back after a certain period. If your maximum consolidated debt amount is £50,000, and your income does not allow you to repay all your debts, IVA is the best debt help solution. Since IVA is a legal agreement, you can waive off up to 80% of your debts and during this period no creditor will chase you for the money, they should only communicate with you through IP

Representative Example For IVA

Your Monthly Payments For A Tenure Of 24 Months

Reduced by

80%

Before IVA

£500

After IVA

£100

Your Unsecured Debts

1 Personal Loans £6,000
2 Credit Cards £2,500
3 Utility Bills £1,300
4 Overdrafts £700
5 Other Debts £1,500
Total Debts £12,000

Benefits

We offer unique and personalized services, which are related to your situation on a practical level that will benefit you on a different level. We mainly focus on the individuals and solve the financial crises regardless of the circumstances.

Eligibility Criteria

Before applying for the debt management solution, make sure you satisfy all the eligibility criteria. The UK government has put forward a few qualifying benchmarks that have to be satisfied and qualified in order to avail of the service.

Age

Age

The individual applying should be at least 21 years of age to get qualified.

Residency

Residency

The applicant has to be a legal UK resident, only then he is eligible for the service.

Address

Address

An individual has to have a permanent UK address as proof of staying in UK.

Income

Income

In order to get qualified for the service, the applicant has to have a regular income.

Bank Account

Bank Account

An active bank account will get the individual qualified for the service easily.

Bankruptcy

Bankruptcy

The applicant applying for the service should not have been bankrupt in the past year.

Things to Remember

IVA Period and Certification

IVA is an agreement to pay off debts over a set period. Once you have completed with the IVA period, then IP will give a ‘completion certificate’.

Letter from Creditors

If you see a threat of action from the creditor’s, then you can send a copy and inform the insolvency practitioner about it, he will look into it.

No Borrowings

When IVA is active, you cannot borrow money in the form of loans or credits. This also includes borrowing of money from friends and family.

Emergency Expenses

You have to allocate some money for your emergency needs to deal with your unexpected expenses before discussing it with the IP.

Things to Remember

How to Apply

We know that it is difficult to be stressed under debts, so we provide the most convenient way to clear your debts. Your situation will be thoroughly analyzed by the IP from our connections before giving you a plan of action.

Online Form

Online Form

Submit all your required details through the online form.

IVA Advisor

IVA Advisor

Get connected with the legal IVA advisor regarding debt advice.

Debt Free

Debt Free

Start paying off the debts according to the plan to become debt-free.

Overcome Your Debts with IVA Now

Get IVA Plan