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IVA specialist

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 advisors. They are experts in assessing whether an IVA is the best solution for you and helping you organise one if that’s what you want.

Summary

What is an IVA

  • Introduced by the Government in 1986 as an alternative to bankruptcy
  • Typically, you need to owe more than £15,000 and have something to offer to your creditors each month
  • 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 may be required to release any equity you have
  • Someone enters an IVA in England and Wales every 13 minutes
  • We only recommend organisations that have a track record of getting IVA’s accepted by creditors and don’t charge upfront fees

Comparison Table Of Debt Solutions

Solutions Debts Written Off Legally Binding Interests & Charges Residential Status Fees Notes
IVA Yes – Average 58% Yes Stopped Tenant or Homeowner (Eng/Wales) Yes on average around 20% of the payments you make to creditors Typically you must have debts over £15,000 and be able to offer yourcreditors about 20% of the value of the debt back over 5 years.
Debt Management No No Many Freeze Tenant or Homeowner Yes In a Debt Management Plan, you will be required to repay all of your debt in full.
Consolidation No yes New Rates & Charges Tenant or Homeowner Yes Consolidating your debts generally means you’ll pay more back over a longer period of time.
Bankruptcy yes yes Stopped Tenant or Homeowner (Eng/Wales) Yes – up to £700 depending on your circumstances. You may also be subject to a 3 year Income Payments You need to think carefully about all the affect bankruptcy will have on your home and your employment.
Debt Relief Order yes yes Stopped Tenant Yes – £90 You must have debts under £15,000 and have little in the way of assets

 

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