PAYE / Employed Individuals
What is an IVA (Individual Voluntary Arrangement)?
An Individual Voluntary Arrangement (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. Apply Online.
Due to its formal nature, an Individual Voluntary Arrangement (IVA) has to be set up by a licensed professional. [more...]
Why use an IVA?
It is a legally binding way to reduce the amount that you pay back subject to the agreement of 75% (in value) of your creditors. It is also a way to stop any further interest charges subject to the agreement of 75% (in value) of your creditors. An IVA can also reduce your monthly repayments on your unmanageable debts subject to the agreement of 75% (in value) of your creditors. This means budgeting each month will become easier. Although the consumer may become debt free (subject to terms and conditions) at the end of the IVA period, the effect on consumer's credit rating is likely to remain on file for 6 years. With an IVA (in the fourth year) the supervisor may require the debtor, if they are a homeowner, to revalue their home and realise the equity to pay off some or all of the debt.
Please note that only unsecured debts included within the IVA may be written off at the end of the period and that those not included such as secured debts, Government fines and child support payments will remain..
This procedure is not to be confused with debt management plans, which are not legally binding[more...]
PAYE/Individual Debt Advice Menu
- PAYE / Employed Individuals enquiry form
- What is an IVA?
- Individual & Personal Insolvency
- Individual Insolvency Register
- The IVA procedure
- IVAs - Facts and how they work
- IVAs - Frequently asked questions
- IVAs - Estimated completion timescale
- IVAs - Documentation required
- Download IVA questionnaire form
- Sample IVA Proposals for PAYE worker
- What about my banking options?
- What do we do?
- Exactly what happens next...
- Why a loan won't help
- What is bankruptcy?
- What if you have equity in your property?
- Beware of informal debt consolidation
- Non-dischargeable debts
- How do you qualify for an IVA?
- Five point debt action plan
- Debts under £5000?
- Recent client profile
- Trust Deeds (Scotland only)
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- Bailiff guide - know your rights
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- The world of credit repair - main menu
IVA Advice Menu
- IVA (Individual Voluntary Arrangement) Overview
- The IVA procedure
- What is an IVA?
- IVA Enquiry Form
- How to start an IVA
- Who can an IVA help?
- IVA's - Facts & how they work
- Benefits and Advantages of an IVA
- Who can an IVA help?
- IVA - Help and information
- How an IVA works
- IVA's - Frequently asked questions
- IVA - Estimated timescale
- The IVA approval process
- The IVA criteria
- Bankruptcy or IVA
- IVA - What are the costs involved?
- IVA - The documentation required
- IVA - Download forms
- Sample IVA proposals for PAYE worker
- IVA - Guide to creditors Fees
- IVA - Standard Terms & Conditions
- Individual Insolvency Register
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).
[more...]
DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]