IVA - a possible solution to serious debt

If you’re in serious debt and owe more than £15,000 then an IVA may be the right debt solution for you. Talk to the Debt Advice Trust for honest, expert and impartial advice to see whether an IVA best suits your financial situation.

Once you have entered into an IVA you are legally protected from your creditors. But you will still have to make some monthly repayments, usually for five years. Talk to the Debt Advice Trust, a registered not for profit organisation, to find out more.

An IVA can make you debt free

With an IVA you can typically expect to be debt free in sixty months (five years). An IVA is a way of avoiding all the trauma of bankruptcy and enables you to pay off only what you can afford. But your creditors will only agree to an IVA if they are happy with the proposal your insolvency practitioner prepares, so it’s important you deal with the right company.

Manageable repayments

You can apply for an IVA if you are in regular employment but have no way of meeting the repayments on your outstanding debts. If you qualify for an IVA, your creditors will write off the debts you can’t afford to repay. But talk to us first for all the facts about IVAs.

IVA FAQ's

• Q: If I can’t pay off my debts will I qualify for an IVA?

  A: It’s quite possible, but not automatic. Talk to the Debt Advice Trust first and we’ll advise you about your individual situation.

• Q: Who actually sets up an IVA?

  A: There are a number of companies offering IVAs. Some are better than others. If we think an IVA is the most appropriate debt solution for you then we’ll recommend a reputable, reliable provider from our Approved Panel.

More IVA FAQ's