What is an IVA?
If you have debt of over £10,000, then an IVA could be
right for you!
- Reduce your monthly repayments by up to
70%
- We handle negotiations with all
creditors
- Make one affordable payment each
month
Once you enter an an IVA your creditors have to freeze interest
and charges on your debt - and they can't hassle you either
(generally, the phone calls stop well before your IVA is agreed).
At the end of your IVA all your remaining debt is written off.
Can I get an IVA? »
So - what is an IVA?
An Individual Voluntary Arrangement (IVA) is a
legally binding agreement between you and the people and
organisations you owe money to (creditors), other than your
mortgage.
An IVA is often a solution people consider when they feel there
is no real prospect of paying off all of their debt.
With the help of a licensed insolvency practitioner (IP), we
help you work out the amount you can realistically afford to pay
back over an agreed period of time - normally 5 years. If
three-quarters of your creditors agree, your debt and all
the future interest will be frozen at the time that the IVA
proposal is agreed.
At the end of the agreed period any debt you could not afford to
repay is written off provided you have kept up
with the negotiated monthly IVA payments. Typically, in a ClearDebt
IVA, you will repay around half of what you owe - depending on your
circumstances up to 70% of your debt may be forgiven.
If you own a house that is worth more than the mortgage, then
you are likely to be asked to make a contribution from that towards
the end of the IVA. But you will not be asked to sell your home -
the additional mortgage cost will be deducted from the IVA payment
so you never pay more than you can realistically afford.
As long as you are confident you can maintain your regular
monthly payment then an IVA could be the solution for you and you
could be debt free in 5 years or less.
Take our two-minute ClearDebt Analyser now
to help you decide whether a ClearDebt IVA could be right for
you!
Can I get an IVA? »
