IVA Specialists

"IVA Specialists" have been around since 1986 when the Government introduced the IVA. Who are they? Essentially you have IVA companies and Insolvency Practitioners (IP's) involved in an application process, and because IP's are tightly regulated, they are IVA specialists.

The key areas of distinction between what you may in the wider sense call an IVA specialist are in these areas:

  • Does the IVA company show a bias towards IVA's or are they solution neutral and only recommend an IVA when it is the best solution for the individual?
  • Does the IVA company charge upfront fees for making an IVA application?
  • What is the success rate of the company in getting IVA's agreed by creditors?
  • What level of ongoing support is offered once an IVA is up an running?

To help you find a good IVA company we offer a free to use service that helps people get in touch with IVA specialists we know and trust via charity debt advisors. Give them a call as soon as you can. The call is confidential and will help you get the answers you're looking for.

Applying for an IVA

To get immediate help now, use our IVA advice service which is accessed via charity debt advisors. They will tell you if an IVA is right for you and help you get one if you want them to.


Summary

What is an IVA

  • Introduced by the Government in 1986 as a way of helping individuals not become bankrupt
  • You need to owe more than £15,000 and you or your partner be employed
  • Typically you can write-off 50% - 60% of your debt and pay the balance over 5 years (60 months)
  • Interest and charges stop and creditors can't change their mind
  • Your home is protected but you will be required to release any equity you have any
  • It's a popular debt solution with nearly 40,000 IVA's started in 2008, that's one every 13 minutes
  • We only recommend organisations that have a track record of getting IVA's accepted by creditors and don't charge fees


Comparison Table Of Debt Solutions

  Solutions Debts Written Off Legally Binding Interests & Charges Residential Status  
 
Average 58%*
Yes
Stopped
Tenant or Homeowner (Eng/Wales)
  
 
Not Normally
No
Many Freeze
Tenant or Homeowner
  
 
Consolidated
Yes
New Rates & Charges
Tenant or Homeowner
  
 
Bankruptcy is a severe last resort if you are in serious debt and no other debt solution can save you from going bankrupt. Bankruptcy may protect you from your creditors and allows you to start fresh, but you need to think carefully about all the implications involved.
  
 
*58% was the average debt write off with an IVA, April - June 2008, CCCS
  
     

 

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