IVA (Individual Voluntary Arrangement)
An (IVA) Individual Voluntary Arrangement is an agreement between you and your creditors to pay all of part of the debts you have with them. An IVA will typically last for a 5-year period during which you will pay a percentage of your debt back with an affordable monthly payment, and up to 75% of the debt can be written off.
- An alternative to bankruptcy
- Guarantees interest and charges frozen
- Protection from legal action
- Full protection from creditors
All your unsecured debts will be consolidated into one, affordable monthly payment which can start from as low as £70.00 a month (depending on your circumstances). This allows you to take control of your finances and still have money left over to live your life.
Speak to one of our qualified advisers today to see if you qualify for the help.
Call 0333 577 9890 or complete and submit the debt help form.
How does an IVA work?
In just a few steps from making the first call, you could be on the road to controlling your unsecured debt.
Typically, you should expect the process of setting up an Individual Voluntary Arrangement to take around six weeks. However, the main thing to remember about the process of getting an IVA is that the Insolvency Practitioners are there for you every step of the way.
- StepWe will take some details & assess whether it is right for you
- StepWe will refer your case to the Insolvency Practitioner who will arrange the Individual Voluntary Arrangement for you
- StepCreditors will agree to your Individual Voluntary Arrangement and the first payment will be due within 6 weeks
Example IVA
Here is an example of how an Individual Voluntary Arrangement could work and make your debts affordable
Total DebtsCar Loan
£10,000Credit Card
£7,000Store Card
£3,000Loan
£5,000Outstanding Debt-
-
Monthly Repayments-
-
* This is an example illustration of a typical IVA. We assess each customer individually based on their circumstances and payments are based on what is affordable.
Is an IVA right for me?
To qualify for an Individual Voluntary Arrangement, you must have the following:
- A minimum of £5,000 worth of unsecured debt
- At least 2 creditors
- Be employed or self-employed
- Have a monthly surplus income of at least £70
At Michael Alan, our team will assess your individual circumstances before providing a suitable debt solution.
There are some things to consider before entering into an IVA:
- An Individual Voluntary Arrangement may have a negative effect on your credit rating for up to 6 years
- If you own a home, you may be required to release equity through re-mortgaging
- If you fail to keep up-to-date with payments, the IVA could lead to bankruptcy
- Your details are made public on the Insolvency register
How does an IVA work?
In just a few steps from making the first call, you could be on the road to controlling your unsecured debt.
Typically, you should expect the process of setting up an Individual Voluntary Arrangement to take around six weeks. However, the main thing to remember about the process of getting an IVA is that the Insolvency Practitioners are there for you every step of the way.
- StepWe will take some details & assess whether it is right for you
- StepWe will refer your case to the Insolvency Practitioner who will arrange the Individual Voluntary Arrangement for you
- StepCreditors will agree to your Individual Voluntary Arrangement and the first payment will be due within 6 weeks
Example IVA
Here is an example of how an Individual Voluntary Arrangement could work and make your debts affordable
£10,000
£7,000
£3,000
£5,000
* This is an example illustration of a typical IVA. We assess each customer individually based on their circumstances and payments are based on what is affordable.
Is an IVA right for me?
To qualify for an Individual Voluntary Arrangement, you must have the following:
- A minimum of £5,000 worth of unsecured debt
- At least 2 creditors
- Be employed or self-employed
- Have a monthly surplus income of at least £70
At Michael Alan, our team will assess your individual circumstances before providing a suitable debt solution.
There are some things to consider before entering into an IVA:
- An Individual Voluntary Arrangement may have a negative effect on your credit rating for up to 6 years
- If you own a home, you may be required to release equity through re-mortgaging
- If you fail to keep up-to-date with payments, the IVA could lead to bankruptcy
- Your details are made public on the Insolvency register