(Individual Voluntary Agreement) IVA Advice

Realising that your debts have spiralled beyond you capabilities to manage them is one thing, finding the courage to talk to someone about it when others around you give the ‘appearance’ of fiscal security is another. IVA Advice is an impartial website that offers just that. Impartial, non-judgemental IVA Advice.

Why are more people looking for IVA advice?

There are many reasons why you may have been driven to seek IVA Advice. With job uncertainty at an all time high, ever increasing house prices and dangerously high levels of borrowing, missing payments through no fault of your own is all too easy. Unfortunately, banks and other creditors have become much less lenient in recent months when it comes to repayment defaults. Before the recent crisis, negotiating payment holidays or reduced payments was far easier.

Why take our IVA advice?

The reason I can speak with some authority is that I too was in the same situation you now find yourself in. I had significant debts and after losing my job, I no longer had the means to meet the repayments. After much trawling of the internet I came to the conclusion that an IVA was the best answer to my problem. However I struggled to find advice from people who were honest enough to admit they had found themselves in the same situation as me. So for the benefit of others, here is my IVA advice.

How do you know if you qualify for IVA advice?

To qualify for an IVA you must have debts in excess of £15,000 with at least 3 creditors. If you are unable to make the repayments and have enough evidence to prove this (bank statements, wage slips, p45’s) then through an IVA you can get as much as 75% of the repayments written off with the remainder spread over 60 equal monthly repayments. Even better, once you are under the IVA, no creditor is allowed to contact you directly and no additional interest can be added to the debt. Once the repayments are finished you are effectively debt free.

Further IVA advice

One piece of IVA advice I would give is that you open an account with a bank/building society that you don’t currently owe money too and that you have a mobile phone that is fully up to date with payments because once you enter in to the IVA you will find it very difficult to open new accounts or even pass credit checks for phones.

I appreciate that some of you would like further IVA advice from someone with experience of the process. Please feel free to email us for IVA advice using the Contact Us page.