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IVA advice service in England - Insolvency help
An IVA or Individual Voluntary Arrangement is available in England, Wales and Northern Ireland.
The IVA is NOT available in SCOTLAND where a trust deed must be used instead.
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During the proposal of your IVA, you may be requested to release available equity from any property that you may own during the fourth or final year of the IVA, this is to increase the overall IVA settlement offer to your creditors. If there is not enough equity to release, the IVA could be extended beyond 5 years!
How can an Individual Voluntary Arrangement help me? 
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All the interest and charges are STOPPED with an IVA
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Letters and creditor calls are STOPPED with an IVA
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Prevent Bankruptcy and Court proceedings with an IVA
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An IVA is still possible if you have been refused a debt consolidation loan
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An Individual Voluntary Arrangement IVA has a fixed repayment period of no more than 60 months with an exact end date to clear your debts. Creditors by law have to freeze all further interest and charges.
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Once your final IVA repayment is made, any outstanding debt is legally written off by your creditors through the IVA.
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Creditors cannot renege on the IVA agreement and demand increased payments during your IVA.
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An IVA protects from court action and this is guaranteed by creditors throughout the IVA process.
What are the long term consequences of an IVA?
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The Individual Voluntary Arrangement IVA is discreet and can be used by professionals, forces personnel and police forces to clear debt without damaging career prospects. This can be a major consideration and can often influence an IVA.
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If you agree to an IVA any considered excessive expenditure will be restricted ie, cars, holdiays etc.
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Your Individual Voluntary Arrangement or IVA will be recorded on your credit file. This means that you will not be able to take further unsecured borrowing whilst your IVA is in place. An IVA will remain on your credit file for usually one year after the IVA end date.
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Once your IVA is complete, you may not be able to borrow again in the short term. however, it may take some time for your credit rating to repair after your IVA has been completed.
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75% of your creditors MUST agree to the IVA proposal for your IVA to proceed at the Meeting of Creditors.
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An IVA can last longer than 60 months or 5 years in certain cases due to creditors requiring a greater contribution than 5 years of repayment would allow.
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During the proposal of your IVA, you may be requested to release available equity from any property that you own to increase the overall IVA settlement offer to your creditors.
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If you get extra income during the IVA repayment period, you will be expected to increase your IVA contributions.
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If you have assets or items of any worth such as a vehicle, you may be expected to change these for a less expensive alternative.
If you require further information about Individual Voluntary Arrangements or IVA's, then simply fill in our short contact form and we will call you to discuss your options.
IVA warning!
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An IVA should only be considered in extreme circumstances.
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It is a formal legal agreement supervised by an Insolvency Practitioner.
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Failure to adhere to an IVA could result in Bankruptcy proceedings against you.
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Your credit rating may be affected.
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An IVA is subject to conditions, circumstance and acceptance.
Trust deeds in Scotland
A Trust deed in Scotland is basically a Scottish Individual Voluntary Arrangement IVA with just a few minor differences. It is an excellent debt help option if you live in Scotland. Find out more about a Trust Deed and how it can help if you are in Scotland by reading our Protected Trust Deed page.