Lots of questions are probably running through your head, but we have the answers to help you check if an IVA is right for you.
Just use our simple IVA calculator below.
You will get a free check to see if you qualify for IVA and the impact it will have on your current situation.
We'll also send you our "Free Guide To Getting Out Of Debt" by email.
So lets get started...
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How Do I Apply For An IVA?
The hardest part about setting up an IVA is to have the courage to decide you have to do something about your debts, and contact us for help.
We've made the IVA application easy for you. Just follow the 3 steps below:
Is an IVA right for me?
An IVA may be right for you if:
- You are £6,000 or more in debt
- You have 2 or more creditors
- You are employed or self employed
- You can not afford to pay your debts in full but can afford to pay around £80 each month
- You don't want to have to deal with your creditors yourself
- Your creditors are taking Court action
Remember that an IVA can be flexible - if you don't quite match some of the above, you may still be able to get an IVA.
What Debts Can Be Included In An IVA?
Most unsecured debts can be included in an IVA. This meaning debts that are not secured to an asset such as your home, These includs:
What debts can’t be included in an IVA?
- Catalogue debts
- Store cards
- Credit cards
- Personal loans
- Utility Bills (Gas, electricity, and water)
- Council tax debts
- HMRC and National Insurance arrears
- Tax credit / benefit overpayments
- Payday loans
- Mortgage Shortfalls
- Car Finance Shortfalls
- Debts to family and friends
- Other outstanding bills
Can joint debts be included in an IVA?
- Mortgages on current properties
- Other secured loans
- Hire purchase agreements
- Debts incurred through fraud
- Magistrates Court fines
- TV licence arrears
- Student Finance/loans
- Child Maintenance arrears
- Social fund loans
If you have a joint debt and enter into an IVA, the other person named on the debt will still be responsible for making payments towards it.
If you have some of the debt written off by doing an IVA, the other person will still be asked to pay the remaining money back.
You can’t get an IVA in joint names. But if the best solution for both you and your partner is an IVA, you can each set up an IVA.
These can be linked or ‘interlocking’ IVAs. They’re run together and you simply make one joint payment between you.
This makes sure that the contribution each person is making to their IVA is affordable, taking into account the amount both of you are paying in living costs.
So if you and your partner both have an interlocking IVA, any joint debts you have will be included in both IVAs.
The joint debts will get a payment from the interlocking IVAs and once they’ve ended anything still owing to the joint debts will be written off.
Will an IVA affect my credit rating?
Yes, an IVA will affect your credit rating as it will show on your credit file for six years from the date which it is approved.
However, it’s likely that your credit score will already have been affected by being in debt in the first place.
Entering an IVA will stop things getting worse and begin your financial recovery so you can improve your credit rating in a fixed time rather than letting things get worse through CCJ's and defaults.
How long does an IVA last?
An Individual Voluntary Arrangement (IVA) usually lasts for 5 years, but it can be extended if property is involved.
Once the IVA is finished you will be completely free from the debts included in it.