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What is an IVA?

An Individual Voluntary Arrangement is a formal agreement made between the person in debt and their creditors. The agreement allows the debtor to make regular monthly payments towards clearing their debt. All further interest and charges on the outstanding debt are stopped. At the end of the arrangement, any unpaid debt is written off.

What debts can be included in an IVA?

Many types of debt can be included in an IVA. Common types of debt included are: Payday loans, Credit cards, Personal loans, Car finance, Bank overdraft, Store cards, Rent arrears, Phone bills, Tax debt, Catalogue accounts, HMRC debt, Mortgage shortfall and Utility debt.

 Will I lose my house?

No you will not lose your house, but if you have equity in your house then this will be taken into account at some time during the arrangement. If there is a joint owner of the property and this person is not party to the debts in the arrangement then their share of the equity does not have to be included in any offer to the creditors.

 How much does an IVA cost?

An IVA is not free. Legally you cannot set up your own IVA, An insolvency practitioner will be required to set it up on your behalf. With Debt Plan Expert there are no upfront charges involved, any fees involved are recuperated from your creditors by the practitioner.

 Advantage of an IVA

One of the benefits of an IVA is the fact that it is legally binding, both to you and your creditors. Once your IVA has been agreed, your creditors can no longer hassle you or take further steps to recover your debts, so long as you make the agreed monthly payments. Another advantage is that after a fixed period of time you are declared debt free.

 How long does it take to set an IVA up?

An IVA typically takes three weeks to set up. Here at Debt Plan Expert we can normally have your meeting of creditors date within 72 hours of receiving your documentation. Setting you back on the road to financial recovery.