Who can an IVA help?
An IVA can help people with debt problems...
An IVA can help anyone who is experiencing debt problems - particularly those who own property which they would risk losing if they were to be made bankrupt.
An IVA might benefit you if:
- You owe money to people or companies that will not agree to an informal debt management arrangement
- You have already tried an informal arrangement, but it has failed.
- You owe money to so many creditors that an informal debt management arrangement would be impractical
- You are facing possible bankruptcy, or you have already been made bankrupt and you want to reverse the situation
Other benefits of an IVA
- You may well be running a small business which would be difficult to keep going if you were bankrupt.
- You may be a profession where you could lose your job if you go bankrupt such as accountancy/police/armed forces.
- You may have access to a large lump sum and want a formal arrangement with your creditors to accept the lump sum and write off the rest of the debts.
- You may have a very high monthly available income to make payments.
- You will not automatically lose your house or other assets which can be kept out of the IVA with the agreement of the IP and your creditors, although the creditors will usually want most of the equity in your house. See the section on "Disadvantages of an IVA".
- You will not have the same restrictions on you as you would if you went bankrupt, e.g. you can still use your bank account without saying you have an IVA.
Expert IVA advice from The UK Insolvency Helpline
If you would like IVA advice or simply to discuss the IVA process in greater detail, please telephone freephone: 0800 074 6918.
If you are unsure as to whether an Individual Voluntary Arrangement - IVA is the best way to solve your debt problems please call us on 0800 074 6918
If you wish to discuss the Individual Voluntary Arrangement - IVA procedure and understand how it can help you please complete the following form or telephone freephone 0800 074 6918.
IVA Menu
- IVA (Individual Voluntary Arrangement) Overview
- Starting an IVA
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- IVA FAQs - Frequently Asked Questions
- Starting an IVA
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- What is an IVA?
- IVA Enquiry Form
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- Who can an IVA help?
- IVA's - Facts & how they work
- Benefits and Advantages of an IVA
- Who can an IVA help?
- IVA - Help and information
- How an IVA works
- IVA - Estimated timescale
- The IVA approval process
- The IVA criteria
- Bankruptcy or IVA
- IVA - What are the costs involved?
- IVA - The documentation required
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- Sample IVA proposals for PAYE worker
- IVA - Guide to creditors Fees
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