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IVA Companies

IVA Companies

If you’re looking for Individual Voluntary Arrangement companies to help you get out of debt, it won’t surprise you that there are some really good IVA companies and some not so good ones out there. The good news is that we can help identify which IVA companies are reputable by asking a few simple questions.

When evaluating an IVA company the key areas of distinction are:

  • Was an IVA advised correctly (this is an assessment of their neutrality)? In particle terms, is your monthly payment realistic – you’ll need to stick to it for a period of five years?
  • Is the IVA company charging you upfront fees, before your creditors have voted on your IVA.
    If they are then should your creditors reject your IVA proposal, you’ll be left out of pocket
  • What is their success rate in getting an IVA accepted
  • How good is their support during the IVA?

Our charity advisors can help you find the best IVA company for you

  • We advise that you speak to one of our recommended debt advice charities to find a suitable solution for your situation.>>

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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