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Am I eligible for an IVA?

What does an IVA Cost?

To be eligible you must meet this criteria:

We understand that different providers may have their own unique set of standards and requirements, so we aim to ensure everyone is fairly evaluated with our criteria.

When considering an IVA, you want to make sure that all necessary costs and fees associated with administration are explained completely. At Money Advice, we pride ourselves on our excellent service; not only will everything be discussed in detail but also the fixed fee agreed by creditors is spread out evenly over the course of your agreement – best of all, it won’t come out of your pocket! As one Britain’s leading providers for Insolvency Practitioners, rest assured knowing that expert guidance is always within reach.

What if my circumstances change?

It is essential that you inform your insolvency practitioner of any personal changes during the 5-year IVA period. Doing so will ensure a smooth, uninterrupted process and help to keep your debt relief plan intact despite life’s unexpected twists and turns.

Changes in circumstances may be:

A job change may prove to be a double-edged sword–you could experience an uptick in your salary or find yourself taking home less pay.

During your IVA, you may find yourself unexpectedly in possession of a considerable sum of money gained through various means such as an inheritance or workplace bonus.

Life can present us with unexpected changes, and it is important to be prepared in case your disposable income fluctuates due to a particular event. In this instance, you may not have enough funds available for an IVA payment.

Will this affect my IVA?

Experiencing a shift in life circumstance can be unsettling, especially if you are undergoing an IVA. Thankfully there is help available! Notify your Insolvency Practitioner right away so they may negotiate with creditors and make suitable arrangements.

 

You can’t pay the original agreed amount

If your financial stability takes a hit and you are unable to make regular payments, creditors may be willing to help by lowering the amount until it is more manageable.

 

Payment Breaks

If finances have been a challenge, there may be an option to take a break from monthly payments: your Insolvency Practitioner can request this of creditors and if approved, repayment will resume only when you’re back on track.

 

Contributions into your IVA

If your circumstances improve, you could be requested to give more in different forms. You might even have the potential of settling with a lump sum or making larger payments that match your financial abilities- it’s all dependent on working out an agreement together with creditors through your Insolvency Practitioner. If there is no mutual accord, then unfortunately the IVA will not come into fruition.

Can my IVA fail?

Despite its benefits, an IVA may not always be successful. A failure could occur if the debtor fails to maintain their obligations as agreed upon in the contract or withholds information regarding financial changes every 6 months during review periods. In cases of severe unreported changes, creditors are free to abandon the agreement and other measures such as bankruptcy proceedings might then follow suit.

Why an IVA would breach:

Your Creditors are not willing to agree to any modifications

If your financial situation changes, it is important to keep your Insolvency Practitioner informed so they can contact creditors and discuss potential modifications to the IVA. Generally speaking, a creditor must have valid cause for refusing such requests in order for an arrangement like this not to be accepted; though that being said — failing does remain an unlikely possibility.

When considering an IVA, you want to make sure that all necessary costs and fees associated with administration are explained completely. At Money Advice, we pride ourselves on our excellent service; not only will everything be discussed in detail but also the fixed fee agreed by creditors is spread out evenly over the course of your agreement – best of all, it won’t come out of your pocket! As one Britain’s leading providers for Insolvency Practitioners, rest assured knowing that expert guidance is always within reach.

IVA Costs and Fees Explained

At Advice Debt, we offer complimentary consultations to help you find the best debt solution suited for your needs. An Individual Voluntary Arrangement (IVA) could be an effective route – such agreements come with built-in fees which are incorporated into monthly payments; check out our website’s dedicated section on costs and Fees to learn more!

When considering an IVA, you want to make sure that all necessary costs and fees associated with administration are explained completely. At Money Advice, we pride ourselves on our excellent service; not only will everything be discussed in detail but also the fixed fee agreed by creditors is spread out evenly over the course of your agreement – best of all, it won’t come out of your pocket! As one Britain’s leading providers for Insolvency Practitioners, rest assured knowing that expert guidance is always within reach.

Let's get started

Advice Debt is here to help you assess and tackle your financial challenges. Our free consultation will evaluate the details of your situation, providing an individualised payment plan tailored just for you!

Take a look at our IVA calculator – it can give insight into what kind of write offs are possible for different levels of payments. Get started today.

IVA Pros and Cons

Before committing to an IVA, it is key that all angles are effectively evaluated. Taking the time to weigh pros and cons will ensure you make a well-informed decision with utmost confidence.

Things that are really important to know….

The Individual Voluntary Arrangement (IVA) has seen remarkable success in the UK, quickly becoming one of the most favoured forms of personal insolvency.

In 2021, an impressive 80,000+ UK consumers made the decision that an IVA was their ideal debt solution. This number demonstrates just how popular and effective this form of financial management is becoming in Britain today.

The Insolvency Act 1986 revolutionised the way individuals manage unmanageable debts, introducing a more approachable alternative to bankruptcy: Individual Voluntary Arrangements. This government-backed procedure offers debtors an opportunity to regain control of their financial futures while honouring outstanding payments.

A successful Individual Voluntary Agreement (IVA) can leave you debt-free within five years, provided a minimum of 75% of your creditors are ready to agree. All unsecured debts will then be included in the arrangement.

An IVA, or an Individual Voluntary Arrangement, is a practical debt solution that can offer relief to individuals from all walks of life. Regardless if you’re employed, unemployed, self-employed or retired – this tailored payment plan could provide the perfect opportunity for settling your debts and regaining financial control.

When considering an IVA, you want to make sure that all necessary costs and fees associated with administration are explained completely. At Money Advice, we pride ourselves on our excellent service; not only will everything be discussed in detail but also the fixed fee agreed by creditors is spread out evenly over the course of your agreement – best of all, it won’t come out of your pocket! As one Britain’s leading providers for Insolvency Practitioners, rest assured knowing that expert guidance is always within reach.

We've already helped 1,000 people this year

Our team of experts help thousands of families every year across the UK get their finances back on track.

Is an IVA right for you?

We can discuss your eligibility for an IVA

Prefer to speak later?

We will offer guidance, support and a solution at a time that suits you.

*To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.

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