An IVA (Individual Voluntary Arrangement) is a solution available to you if you have debts above £8,000 and can no longer afford the repayments. It is a formal solution, sometimes referred to as an alternative to bankruptcy. You must be a resident in England, Wales or Northern Ireland in order to do an IVA.
In an IVA, you agree to pay reduced affordable monthly payments that go towards your debts. The monthly payments usually last for 60 months and at the end of the IVA, any remaining debts owed are completely written off.
See the example below to understand more about how an IVA works.
Fill in the form and we will get back to you
Our client was struggling to pay the required amount of £680 each month on credit card and loan debts. They contacted us at IVA Northern Ireland to see if there was anything we could do to help. After analysis of their situation we were able to get their monthly repayment reduced to £280 per month, which was a realistic and affordable monthly payment for them. They will be paying this for 60 months.
At the end of the IVA they will be completely free of their debt, having repaid £16,800 and having written off £10,050.
We work out what you can realistically afford to pay to your creditors, by assessing your current financial situation. Once we know what you can afford to pay, we will draft your IVA proposal which will be sent to your creditors to vote on.
If 75% of your creditors (by debt vlaue) agree to the IVA proposal, then we can put your IVA in place and you can begin with your new repayment plan. We can have your IVA up and running in as little as 4 weeks.
PLEASE NOTE: By law, an Insolvency Practitioner (IP) is needed to set up and negotiate your IVA. It is not something you can do yourself.
If an IVA is not the best option for you or if your IVA proposal is not accepted, we can discuss what other options are availabe for you.
Every IVA is different. Your monthly payment is worked out according to your circumstances. Your employment status, income and expenditure, the amount of unsecured debts and number of creditors you have are all considered.
NOTE: In an IVA you will have an agreed budget for your living costs. These expenses will be mostly based on what you currently have to pay out each month. You should declare all normal monthly expenses to your creditors so they understand your situation more clearly.
You can apply for an IVA if…
To apply for an IVA we need you to provide us information on the following things
You can fill out all of the above information on our debt calculator form and send it to us for review.
You do not need to contact your creditors to tell them that you are entering or applying for an IVA, we will take care of all creditor contact from the time you contact us. Once your IVA is agreed you will have no more contact from your creditors.
Get in touch with Debt Advice NI and get help with your debts. Call us now on 0800 043 0550 or click here to visit our contact page.
Gave me help advice and confidence to deal with a very large and stressful financial situation that I could see no way out of. Many thanks. | Client review
If you are struggling to pay your debts (of more than £8,000) then an IVA could help you lower your monthly repayments. You could even write off debt on completion of the IVA...Read more...
Debt Management is an informal solution that can help you lower your monthly debt repayments to a more manageable amount. In some cases interest and charges can be frozen on your debts...Read more...
Bankruptcy is a process that allows you to write off unmanageable debt. It is generally a last resort debt solution because alternative solutions are available, but it can benefit in some cases...Read more...
Debt Consolidation allows you to pay off debts with a loan. You repay the loan with monthly payments. It can be a good way of reorganising finances, especially if you have multiple debts...Read more...
If you are having difficulty paying your debts and you are a homeowner and have equity in your home, then getting a remortgage might be a good option to help you deal with the problem debts...Read more...
An Administration Order is a court order that allows you to deal with all of your debts of £5,000 or less and treat them as 1 debt. It is imposed and administered through your local county court...Read more...
A Debt Relief Order (DRO) is suitable for you if you cannot pay your debts. In order to do one you must have debts under £15,000 and have very little or no assets. A DRO is like a form of mini bankruptcy...Read more...
If you are a business owner having difficulty managing business / personal debt and it's affecting your business, we could help. We offer a range of insolvency solutions to help you get back on track.Read more...
Use our debt calculator to work out what you can afford to pay towards your debts.Calculate
Have a general query? Please get in touch and one of our advisors will be happy to help.Contact us
Fill in the form to enquire about help with your debts. We will be in touch.Get advice
Read what our clients have to say about our services.Read Them