Individual Voluntary Arrangement (IVA)

If you are have serious debt problems with more than £15,000 of unsecured debt and are unable to keep up minimum repayments, then an IVA could be your perfect debt free solution.

An IVA is a legally binding contract, unlike a informal debt management agreement, which can provide you with many benefits:

• It is legally binding on your creditors, meaning that they cannot take any legal action against you.
• You protect your assets, so you won't lose you house. 
• No interest and charges are added.
• Only pay what you can afford each month
• What you haven’t repaid on completing your IVA term is automatically written off.
• Typical IVA period of 60 months.

This may sound too good to be true, but you have a legal right to propose an IVA. Remember: No other solution, except bankruptcy, can write off part of your debt.

An IVA is government legislation launched a more practical alternative to bankruptcy. But as an IVA is legally binding, you should not enter into an IVA if you cannot afford the monthly repayment. Your Insolvency Practitioner (I.P) will help to agree what you can afford to repay each month, which you must commit to.

If you want to hear more about whether an IVA is suitable for you, call our IVA trained advisors on 0800 048 1774, or fill in the Debt Wizard to see what other debt solutions are available.

Need Credit is a trading style of Ask Finance Ltd (Registered in England and Wales. Company number 4229724), a wholly owned company of the Harrington Brooks Group Ltd. Ask Finance Ltd is licensed under the 1974 Consumer Credit Act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance Ltd is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.