IVA

What is an IVA?

An IVA (Individual Voluntary Arrangement) is a process set up by the government within the 1986 insolvency act that allows for a person in debt to make a formal arrangement with their creditors without the need to go into full bankruptcy.

An IVA will enable someone with debts in excess of £13,000 to make reduced, affordable monthly payments over a fixed term, usually 5 years.

Once an IVA has been set up and the agreed monthly payment structure is adhered to, there will not be any further worrying demands from creditors.

All interest and charges will be frozen during the course of the IVA, and will be written of at the completion of the IVA.

Why are Debts UK IVAs different?

Debts UK is part of The Debt Counsellors Limited, one of the oldest established companies dealing in financial solutions, who is in turn part of the Debts.co.uk plc group of companies, a public company quoted on the AIM Stock Market.

Unlike many other organisations, we do not try to put everyone into an IVA. Our trained advisers will establish the exact situation of each client, and only once all of the information has been collated will it be decided if an IVA is suitable. If an IVA is not suitable other alternative solutions will be suggested.

We work to the principle of Best Advice, and an IVA will only be recommended if it the most appropriate method of dealing with a particular financial problem, and if there is a high probability that it will be accepted by the creditors.

There are no up front fees to pay.

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