Want to know how an IVA can help you?
Last updated: 29th August 2013
An IVA can help you to resolve your unsecured debt without having to declare bankruptcy. All you need to have is a regular household income and live in England, Wales or Northern Ireland.
All your unsecured debts will be consolidated into one, affordable monthly payment which can start from as low as £100 a month. This allows you to organise and take control of your finances by writing off the unaffordable debt and freezing interest. This has been a popular alternative to bankruptcy since the mid-1980s.
The typical duration of an IVA is five years. In this time, you can start to make ends meet again and manage your money, knowing you are making a single affordable payment.
Perhaps most importantly, you won’t be required to sell your home against your wishes. You will need to undergo an assessment for a re-mortgage but you won’t be pressured into a sale if you don’t want to, although other assets which are not deemed as essential may be used towards payments. This might include things like savings and ISAs.
What is an IVA?
Watch our video to learn more about what an IVA is. Get all the key information about an IVA, including the criteria, how it can help you and it’s many advantages as well as other things to be aware of.