Individual Voluntary Arrangement: IVA Advice

An Individual Voluntary Arrangement can sometimes be referred to as just a Voluntary Arrangement or simply shortened to ‘IVA’.

The IVA is a formal agreement made with your creditors to make a single, reduced payment each month. This lasts for a set period of time agreed by both parties - usually 60 months. Once the IVA is in place, creditors are not legally allowed to add interest or charges to your accounts.

The IVA payments are set at outset of the arrangement, meaning that creditors cannot randomly demand changes. Ongoing Individual Voluntary Arrangement payments are subject to your personal circumstances, as such allowing you to pay off an affordable portion of debt with every month.

Upon successful completion of the IVA, any outstanding debt that is included in the Individual Voluntary Arrangement is completely written off. At Blair Endersby we work with you to understand your debts then contact your creditors to help establish a level of debt you can afford to pay off.

Take the Free Express Debt Test today using our quick test form on the right or to see if a UK IVA could benefit you, call 0800 096 1711.

What are the benefits of an Individual Voluntary Arrangement from Blair Endersby?

• A single, monthly affordable payment that is fair to both you and your creditors.
• A fixed repayment period (normally no more than 60 months*) with a specific end date.
• An agreement that your creditors freeze all further interest and charges, so your debt does not increase.
• Once the final payment is made and the terms of the IVA have been adhered to, any outstanding debt is legally written off by the creditors. Creditors cannot go back on the agreement and demand increased payments.
• Protection from court action by creditors.
• The Individual Voluntary Arrangement is discreet and can be used by professionals, forces personnel and police without damaging career prospects.
 

IVA Advice

Speak to our expert advisors today on 0800 096 1711 for IVA advice and information on the IVA help process.

Or you can apply for an IVA online with a free quick debt test now to set yourself on the path to stress free finances. UK Individual Voluntary Arrangements are a formal legal agreement and will affect your credit rating for up to 72 months after completion. Homeowners may be required to remortgage in the 5th year of the IVA.