IVA Individual Voluntary Arrangement
Our Individual Voluntary Arrangement (IVA) Service offers you access to schemes for clients who have debt problems but still have income and wish to avoid bankruptcy.
Below is some further information regarding IVA’s that you may find suitable for you. We have a number of companies on our panel that will deal directly with you to assist you with your debt problems.
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| Positives | Negatives |
| Debt free in 5 years | Possible release of home equity |
| Creditor calls and payment demands stopped | Lasts longer than a bankruptcy |
| One single monthly payment | All creditors have to be included |
| Repaired credit rating | There is a minimum level of debt |
| Legally binding | You cannot borrow during arrangement |
| Your job status is unaffected | Lasts for 5 years |
| Interest and charges frozen | You will have to pay back more than bankruptcy |
| Protection from court action | Your credit rating is damaged |
| Companies look at you more ethically than they would for bankruptcy | You must be able to service payment plan |
What is an Insolvency Practitioner?
A voluntary arrangement is literally as it states – An Insolvency Practitioner (IP) organises an arrangement by a person with their creditors for the discharge of their debt. The schemes require the approval of the court and are monitored.
How long is an agreement for?
The agreement with the creditors allows for a reduced payment each month to be made towards the total amount of debt you owe your creditors. After a period of time usually 5 years the debt is then classed as settled.
How much can the process write off?
An agreement can write off up to 65% of your clients debts (subject to your circumstances). Once you have made your final payment all the outstanding debt is legally written off.
What is the eligibility for an agreement?
This depends on your circumstances. Usually the personnel debt must exceed £15,000 and should be with at least 3 creditors. You must have the income to be able to offer a reasonable amount of payment to your creditors.
Can anyone do an agreement ?
Yes, absolutely anyone in the UK can apply.
What kind of debts can I put on my agrrement?
Store cards, catalogues, credit cards, personal loans, overdrafts. All unsecured debts can be considered including guarantees on business overdrafts and personal debts to the VAT and Inland Revenue however these debts may be treated preferentially within the application.
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The overall cost for comparison is 8.6% APR.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. UK customers- WiseMoney.com Ltd is an information only website who will pass you to an appropriately FSA regulated and authorised organisation who you give permission to contact you. We may receive a financial payment if you successfully complete a product for which we introduced you. We wish you all of the best in your financial endeavours.
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Dear Sir/madam
I have recently come across your site on the Internet and I am looking to forge new working relationships with companies like you who deal with individual debt problems.
We are a firm of Insolvency Practitioners and I would like to speak to you about the benefits of us undertaking potential IVA business from you in return for commission and/or reciprocal business.
Additionally, we also have a debt management company and we undertake all other levels of debt clients where there could be scope for other business opportunities.
I would appreciate it very much if you would like to chat further.
Kind regards.