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Home > Our Solutions > IVA

IVA - Individual Voluntary Arrangement


IVA Help and IVA advice

An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors that you will pay back a percentage of your unsecured debts over a fixed period. Any remaining unsecured debts will subsequently be written off.

An IVA gives you legal protection from your creditors, so that you cannot accumulate further interest and charges on top of your existing debt. A typical Individual Voluntary Arrangement lasts for five years, during which you will pay back only what you can realistically afford.

What are the benefits of an IVA?


  • Your creditors cannot contact you directly

  • All interest and charges are frozen

  • You make a single monthly payment

  • A typical IVA lasts only 5 years, regardless of the amount of debt you owe

  • You can avoid bankruptcy

  • Your remaining debt will be written off at the end of your IVA


What are the disadvantages of an IVA?


  • Your credit rating may be affected for up to six years

  • You may need to remortgage any property you own, in the fourth year and pay this to the Individual Voluntary Arrangement



Is an IVA right for me?


An Individual Voluntary Arrangement is available to those who have combined unsecured debts of £15,000 or more, owed to three or more different creditors.

An IVA could be right for you if you have a regular income and can keep up with your reduced payments.

If you would like to speak to a Debt Release Direct advisor for IVA help and advice, you can call for FREE on 0800 019 7465.

What happens next?


Once our friendly Debt Release Direct advisors have given you the IVA advice you need, we will then begin to negotiate an Individual Voluntary Agreement directly with your creditors.

You will then make a single monthly payment to your Licensed Insolvency Practitioner, who will be responsible for handing out a percentage to each creditor on a regular basis.

Providing you can keep up with your reduced payments, at the end of the IVA your creditors will write off any remaining debts and you will be debt free.

How we can help


Debt Release Direct offer the best IVA help available and will support you through your Individual Voluntary Arrangement if needs be. For more information on Individual Voluntary Arrangements or to speak to Debt Release Direct for IVA advice, call today for FREE on 0800 019 7465.

Step One


Call a Debt Release Direct Advisor for FREE on 0800 019 7465. The advisor will discuss how much you can afford to pay your creditors.

Step Two


Our team will then negotiate with your creditors to agree on a fixed payment plan, which will then be formally agreed at a meeting of creditors.

Step Three


As long as you keep up with these affordable monthly payments, after the end of the IVA your remaining debt will be written off.

 

 

 

 













IVAs are not administered by Debt Release Direct Limited, but are managed by their in house Insolvency Practitioners, Varden Nuttall Limited.


Simple. Effective. Direct IVA Help and Advice.


To make Debt Release Direct work for you, please call one of our friendly, professional advisors on 0800 019 7465 today, or fill in our online contact form for a free call back. We believe we can offer quality IVA advice and help you through the IVA process.