IVA Helpline
IVA - Individual Voluntary Arrangement
Insolvency Network offers a FREE service for Individuals who are lookng for advice on IVAs. Unlike other companies, we will only put you forward for an IVA if you have a very good chance of being accepted. Other companies charge upfront fees for their service, we dont!
In this legal agreement, payments are normally made over a 60 month period. A large amount of your debt could be written off. Your payment is worked out on income minus everyday expenses. The amount left over is what you CAN afford to pay, NOT what creditors are asking for as a monthly payment. If this amount is realistic you could qualify for an IVA.
When in the IVA you will have protection against your creditors charging further interest and taking court action. The creditors are not allowed to contact you BY LAW after the arrangement has been set up. The only person who can contact you is our Insolvency Practitioner. We only contact you once a year to perform a review. This is where we make sure you are happy with the plan so far, to check if there has been any changes in your homelife and to make the dividend payment to creditors. This way, both you and and your creditors are kept up to date.
You only make one payment per month. This is a private agreement. Your name does not go in the local paper. You do NOT lose your home and you do not pay any further interest on your debts. You MUST however make sure regular payments are made for 60 months. Only apply for IVA if you have debts of £16,000 or more otherwise consider a Debt Management Plan as an alternative debt solution.
IVA's can end early with the introduction of a lump sum payment. Creditors tend to support early settlements as they prefer to receive payment earlier rather than waiting for payments over a five year period.
Advantages of an IVA (Individual Voluntary Arrangement)
- One affordable payment per month
- Creditors are bound by law. The IVA will overturn any CCJs
- From the date of approval, all interest and charges are frozen
- This is a private agreement between you and your creditors
- Your employer will NOT be made aware
- You can still re-mortgage your home when in the agreement
- You and your partner can enter a joint IVA if some debts are in joint names
- We offer a home visit after giving advice over the phone
- No Fees to pay. Insolvency Fees are payable from creditor contributions
- We have the experience and systems in place to make the process as painless as possible for you
- We are not a call centre. You will have one point of contact "pre" and "post" the IVA
- Enables a Sole Trader or Partner to continue to trade and generate income towards repayment to creditors which would otherwise have a call upon the personal assets of the individual.
- If, for whatever reason, your IVA is not accepted, there will be NO CHARGE at all. We only take you on if we think you have a very good chance of being accepted. We can offer a Rebuild plan in the unlikley event this happens.
Will IVA change my credit rating?
Your credit rating will be affected for six years from commencement of the IVA. You would find it hard to obtain further credit. The IVA however will not stop you from obtaining a mortgage.
Credit reference agencies hold a copy of your credit report. Once the IVA is complete we will provide a report proving the IVA has ended. You can then send this to Equifax and Experian who will then put a satisfied mark on your credit file.
Can I have a bank account when in an IVA?
You can open a bank account without an overdraft facility. If you have a loan or credit card with a bank and you also bank with them, we advise you to change banks. This reduces the risk of the bank taking your income after you are paid (if behind on a loan or in the overdraft).
Can I do an IVA with my partner?
Yes. Joint IVAs can be done for both partners, married or common law.
Example of an Individual Voluntary Arrangement
Angela from Kent was making monthly repayments of £700 on debts of £50,000 from various credit cards and unsecured loans. The debt had built up over a number of years following her husbands redundancy. Angela was finding it impossible to afford the debt repayments and the ongoing stress of trying to juggle payments to creditors each month. This in turn was starting to make them both ill with worry. This triggered them to take action.
After an initial phone call and a meeting with Angela, we had put together an IVA repayment package for them to pay £380 per month over a five year period (total payment £22,800).
The IVA plan had reduced the monthly repayments by over £300 to an amount that they could now comfortably afford and the balance of the debts (approx £26,000) will be legally written off. They will be debt free within 60 months.
If you have debts of £25,000 - you could pay as little as £275 per month* (£16,500 back)
If you have debts of £40,000 - you could pay as little as £320 per month* (£19,200 back)
If you have debts of £80,000 - you could pay as little as £540 per month* (£32,400 back)
Apply Online now by Clicking Here Examples of IVA Click Here
Alternatives to IVA Click Here
We have local advisors all over the country. If you want to meet a member of our team in your own home, please call us to arrange a visit, confidential, no sales, just advice.
*examples payments only. IVA is based on your affordability. see examples link above.