IVA Advantages
Write off any unsecured debts that remain on your account after successful IVA completion.
Your creditors will no longer be able to contact you to demand payments. This can hugely reduce the stress that comes with being in debt.
Repay your debts through one affordable monthly payment which is calculated based on your personal financial situation.
An IVA protects your assets (e.g. your home and your car).
IVAs are flexible, they allow for variations if your circumstances were to change.
All charges and interest will be frozen on your accounts.
IVA Considerations
You may still find it difficult to obtain credit once your IVA has finished.
When you are on an IVA you cannot obtain credit of more than £500 outside of the arrangement, including current overdraft facilities.
An IVA will display on your credit file and affect your credit rating for six years.
Homeowners may be required to release some equity from their homes.
Failure of an IVA can result in creditors petitioning for bankruptcy.
Do I qualify?
To qualify for an IVA, you should have debts totalling £6,000 or more, have at least 2 creditors, and a minimum of around £100 leftover each month to go towards repayments. However, these figures are not completely rigid and may be negotiable. Additionally, you must live in England, Wales or Northern Ireland.
If you are considering an IVA but are unsure if it is the right debt solution for you, our team would be happy to give you some expert advice. For more information, get in touch today.
Qualifying terms
Debt level of at least £6,000
Minimum 2 creditors
Minimum £100 leftover each month
Live in England, Wales or Northern Ireland
