Individual Voluntary Agreement
Individual Voluntary Agreement
Best Debt Consolidation (Without More Debt!)
Apply For The Best IVA For Your Own Circumstances
An Individual Voluntary Agreement is another term for an Individual Voluntary Arrangement, or IVA.
An Individual Voluntary Agreement is the optimum way to release yourself from debt entirely and for all time. Its purpose was to serve as a far less draconian alternative to bankruptcy, as indeed it carries none of bankruptcy’s stigma.
An Insolvency Practitioner will draft an Individual Voluntary Agreement after having looked into your circumstances, and a list of your income and expenditure will be made, with consideration given to your necessities and your usual household bills and expenses. Normally, the bulk of your unsecured debt will be written off. After that you will start making much reduced monthly repayments into a fund in order to clear the remainder of the debt.
To be eligible for an Individual Voluntary Agreement you usually need to be in employment and your income needs to exceed your expenditure. By how much your income needs to exceed your expenditure depends on the IVA source, which is why our whole-of-market approach is so helpful: we simply match you up with the IVA for your own situation.
Your Individual Voluntary Agreement will be a binding legal instrument and your creditors will be bound by it.
At the end of the agreed term of the IVA your debt will be said to have been satisfied.
To apply for an Independent Voluntary Arrangement, without obligation, or to see if you are eligible for one, fill in the quick application form below.
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Please be aware that figures entered need to be accurate by law, and to give the best service to you. It is extremely important that you budget for all necessary expenditure including rent or mortgage, council tax and utility bills, etc., and any other necessary outgoings related to the upkeep of your household and inrelation to any specific circumstances that may relate to you. This website only collects data on behalf of debt management professionals, from which it will receive affiliate remuneration for data collection only and does not itself engage in any debt management services. Other debt management options are available and may be more suitable. People entering into an IVA or debt management will have this entered on their credit profile and this may affect their ability to get credit in the short term or even in the long term in some cases. It is free to apply from this website; you will be given advice by debt management professionals and a 'cooling off' period, by law, to decide whether or not the debt management plan is suitable for you, and you should be aware that a fee will be chargeable upon a successful arrangement, as with any commercial transaction. Failure to meet the repayments on an IVA or any debt management programme may result in serious consequences, including, but not limited to, bankruptcy. Bankruptcies, CCJs and similar defaults will be entered into a public register and will remain there for a statutory period of not less than six (6) years.
Individual Voluntary Agreement. Consumer Credit Licence number 633327.
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Take a look at the Insolvency Service's leaflet called 'In Debt', downloadable here.
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