How could an
IVA help you?
How could an IVA help
you get debt free
1.Answer some straightforward questions about your finances
2.We’ll check to see if you qualify for an IVA
3.If an IVA is suitable, you could get affordable monthly payments
4.You could get your debts back under control
At IVA Direct, we understand that every situation is different.
Here is a breakdown of Sarah's story who was recommended an IVA.
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Total unsecured debt
We helped to write off
of Sarah's debt was
Figures based on an actual customer who was recommended an IVA. IVA's are subject to eligibility and creditor acceptance. Alternative solutions may be offered. Fees payable if continuing services are provided. Fees are explained here.
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Could an IVA help you?
Here are some ways an IVA could help and some things for you to consider
An IVA typically lasts for five years and the end of the term, debts included are completely written off. The types of debts you can include are unsecured debts, for example: credit cards, store cards, overdrafts, personal loans, payday loans and CCJs.
- Make affordable payments based on your income and expenditure
- There are no circumstances under which your home would need to be sold
- Your interest and charges are frozen
- Your lenders cannot contact you or pursue you for legal action
Things to consider
- • Your lenders are not obliged to accept the IVA
- • If the IVA fails, it could lead to bankruptcy
- • There will be a restriction on expenditure whilst on the IVA
- • You will be placed on the public insolvency register
- • Your credit rating is affected for 6 years
- • In the final year of the IVA, if you are a homeowner, you may be required to remortgage your home. If successful, the terms of the new mortgage may be less favourable. If you can't remortgage, the term of the IVA will be extended by 12 months
We’ll provide you with free,confidential, and no-obligation advice about starting an IVA
We’ll listen to your questions – our service is confidential without obligation
It’s our goal to help you start your journey towards becoming debt free with our personalised and professional help
We could set you on the path to a brighter financial future
How we help
As part of our free service, we'll review your financial situation, explain the available options and recommend a debt solution which is suitable for you, which maybe an IVA or an alternative debt solution.
The risks of all suitable solutions will be explained clearly and if you decide to go ahead with that debt solution we will refer you to one of our trusted providers who specialises in the management of that debt solution. We'll be paid for introducing you or for the preparatory work we do, depending on your debt solution fees may be payable if ongoing services are provided. Read about fees and key information here.
How do I claim an IVA?
By using our free online IVA checker, you can quickly find out if you’re eligible. Once you’ve been cleared, an expert adviser will be in touch to further understand your circumstances. From there, we’ll work out how much you’ll be able to pay on a monthly basis.
If it looks like a suitable solution for you, we’ll put you in touch with one of our trusted providers who could put together an IVA proposal for your lenders. Most proposals are accepted, but it’s up to them if they wish to go ahead. Once it’s approved, it’s your legal requirement to meet the monthly repayments agreed in your IVA.
Once your IVA has ended, your remaining debt is written off. Do note, however, if your IVA fails then bankruptcy could be a possibility.
Will an IVA affect my
It is unlikely an IVA will affect your employment. Despite this, there have been occasions where company rules have been created which state an employee should not have an IVA, or have ever had one. The most common examples of this are:
- Roles involving finances, such as an accountant
- Roles involving financial advice, such as a mortgage adviser
To find out more about whether your employment could be affected, please contact our team and we’ll provide you with advice: 0161 249 7570.
Can lenders chase me
Once the IVA has been accepted, your lenders can’t chase you for repayments. If they do have any questions about your IVA, they’ll need to contact your insolvency practitioner.
Who will know I have an IVA?
Whilst we understand your concerns, there’s no reason for anybody to know you have an IVA - this includes your family members, friends, or employer. An IVA is a private agreement between yourself and your lenders.
Your details will be listed on the Individual Insolvency Register, however, which is a public record. To find this information, a person would have to search for your details, but these will be removed from the register three months after your IVA has been completed.
What debts are added
to an IVA?
Various types of unsecured debt can be added to an IVA. Examples include:
- Credit and store cards
- Personal loans
- Council Tax arrears
- Benefit arrears
Please note, an IVA can’t be used to pay off secured debts, an example being a mortgage.
Will my property be affected?
The great news is your property will be safe – mortgage or rental payments are taken into account during the IVA setup process. This ensures you have spare money to pay for your housing requirements.
In the final year of your IVA, you could also be cleared to release equity from your home. If this isn’t possible, then your IVA may continue for an extra 12 months.