What Is An IVA In The UK?
What Is An IVA In The UK?
How Could An IVA Help With My Debts?
Government backed debt solution – designed to help people who are unable to repay their debts in full
A single, lower payment – based on what you can afford, not what you owe
Protection from creditors and Interest Stopped – no more bailiffs, red letters, legal action or interest
Some debt written off – unaffordable debts are written off on completion of your IVA
Find Out If An IVA Could Be Right For You
We’ll explain how an IVA works and how we could help you. We’ll help you decide if applying for an IVA is your best option.
What Is An IVA?
An IVA is a debt solution to help people with little prospect of repaying their debts in full, but who are able to commit to regular monthly payments to repay them in part, (normally over 60 months) in exchange for the rest being written off.
If you owe at least £5,000 and are struggling with payments but can commit to at least £90 per month, you may qualify for an IVA.
How Does An IVA Work?
We’ll review your financial situation with you to determine the level of debt that you can afford to repay each month. If an IVA is suitable, we can make a formal proposal to your creditors. If this is accepted, no more interest or charges can be added to your debts.
Provided you maintain your monthly IVA repayments, all unpaid debt is written off at the end of the IVA, which normally lasts 60 months.
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