DebtOptions

IVAs are one of the most commonly used debt options in the UK today and since they are also one of the most frequently misrepresented debt solutions they merit a special, more accurate introduction here. If you are beginning to tackle debt problems, it is quite normal to want to know if, how and when the problems will end.

How can an IVA end my debt problems?

It is an agreement which is crucially designed to write off all the debts it covers at the end of its term - so you can begin afresh with a new debt-free life again. If you are struggling with debt repayments now, you may have wondered how you could ever reach the end of the problem. Individual Voluntary Arrangements give you an ‘end point’, a known date by which the debts they cover will end for good.

How do they work?

Very briefly, they are an individually arranged contract between yourself and the creditors, facilitated by a professional and licensed Insolvency Practitioner. Individual Voluntary Arrangements stop many consumers feeling they have lost control of their financial situation by implementing a manageable plan, stopping any phone calls and letters demanding repayment. However, the plan doesn’t necessarily run until the debt has been settled in full. It operates only over a certain lifespan, typically 5 years (although sometimes it can be longer). At the end of this lifespan, providing you have kept up with the repayments and general terms and conditions, the debts it applies to are then all written off. For more information about how to successfully complete this aspect, click here; for more online advice about other aspects of IVAs, click here.

It is important to realise though that Individual Voluntary Arrangements cannot apply in every case, nor to every type of debt and are still only one of a number of legally recognised ways to end problem debts. For all debt problems it is essential to gain impartial advice which takes your exact circumstances into account.

We offer IVA advice alongside our work with all the other major debt options and will give you our honest assessment of the best option for your unique situation.  We also recommend reading as much credible information as possible; for further factual online IVA advice, click here and for more information on other debt solutions click here.

Contact us for free confidential advice on 0800 234 3605 or click here to send an email.