Is there immediate debt relief if I do an IVA?

An IVA can take 6 to 8 weeks to set up

We receive a lot of calls and emails from the public asking; "Is there immediate debt relief if I do an IVA?".

Please note that typically takes between 6 and 8 weeks to set up an IVA and get full relief from your debts.

To first understand if an IVA will give you relief from your debts you must first understand what is an IVA is:-

An IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled.

After an IVA is successfully completed you certainly will have debt relief. The only way to guarantee an IVA making you debt free is to comply with the terms of the IVA and not meet the monthly payments.

An IVA will help you become debt free (subject to terms and conditions):-

Please see the IVA Information centre as it will provide more information in answering the question, How will an IVA make me debt free (subject to terms and conditions)? It will provide an IVA Overview and advice on starting an IVA
The IVA Monthly Payment will be set at an affordable monthly amount enabling you to become debt free (subject to terms and conditions).
An IVA does have Pros and Cons but the end result is it will make you debt free (subject to terms and conditions).
Please read the IVA FAQs - Frequently Asked Questions as it will help you answer the question, will an IVA make me debt free.
The IVA procedure is very detailed but used correctly it will make you debt free.

The time span on setting up an Individual Voluntary Arrangement (IVA) is not a fixed one, it depends on several factors but can be set up quite quickly if needed. The key to a successful Individual Voluntary Arrangement (IVA) application often lies in the hands of the debtor.

There are no time limits on setting up an Individual Voluntary Arrangement (IVA), other than the practical ones, so if you have decided that an Individual Voluntary Arrangement (IVA) is the solution to your debt problem, follow the steps below and there should be no reason why the whole process doesn't run smoothly and quickly.

An IVA or Individual Voluntary Arrangement is a formal agreement between you and your creditors where you will come to an arrangement make reduced payments towards the total amount of your debt. An IVA, if completed correctly will pay off a percentage of what you owe in full and final settlement. After the IVA is completed your debt is classed as settled and full debt relief is achieved.

The IVA unit at Money Advice Direct feels that an IVA offers Superior Debt Relief and has helped thousands avoid bankruptcy and become debt-free by negotiating and eliminating credit card and loan debt.

As part of the IVA you will agree to make monthly payments for a fixed period of time (typically 5 years) after which any remaining debt is cleared. Due to its formal nature, an IVA (Individual Voluntary Arrangement) has to be set up by a licensed professional called an Insolvency Practitioner (IP).

An IVA offers immediate debt relief because as soon as it is set up because an IVA is formal agreement whereby you agree to make regular, monthly payments that represent a reduced percentage of the total amount you owe.

Debt Relief Options

Many clients consider an IVA because they are tired of the constant phone calls and letters from creditors and need emergency debt relief.
Once the debt relief team has assessed your individual situation, they can recommend a specific debt relief option to managing your debts.

These might be to consolidate your loans, change credit cards to a better rate or change mortgage lender. The ultimate aim is to reduce what you owe to manageable amounts and to provide debt relief advising or debt advice to help you change your spending and borrowing habits to ensure that the situation does not recur and give you the freedom and relief from debt you deserve.

Common questions arising from debt relief options are the following:

If you would like to know if there is immediate debt relief if you do an IVA please complete the following form or telephone freephone 0800 074 6918.

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IVA's

The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.

In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]

What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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Is there immediate debt relief if I do an IVA?

An IVA can take 6 to 8 weeks to set up

To first understand if an IVA will give you relief from your debts you must first understand what is an IVA is:-

An IVA will help you become debt free (subject to terms and conditions):-

Debt Relief Options

Common questions arising from debt relief options are the following:

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