An IVA could be right the right solution for anyone with a regular household income who is struggling to keep up repayments on their unsecured debts. McAlister & Co helps hundreds of people a year with IVAs and our sympathetic but experienced staff can effectively deal with your problem.
Managing debt can be stressful and complicated. Proceeding in an individual voluntary arrangement (IVA) with your creditors could make a real difference to you, writing off debt you cannot afford to pay.
Is an Individual Voluntary Arrangement (IVA) right for you?
An IVA could be the right path for anyone with a regular household income, who is struggling to keep up repayments on their unsecured debt*. As a rule, the minimum unsecured debts of someone entering an Individual Voluntary Arrangement (IVA) is £15,000, but is often much higher. There is no maximum amount.
An IVA could also be the right solution for debtors who are sole traders, or self-employed. In most cases, entering into an IVA will allow you to carry on trading, making it a more attractive alternative to bankruptcy.
- Interests on debts will be frozen
- You may be able to retain assets such as your home
- At the end of an IVA any remaining debts are written off
- You will need to stick to the budget for the IVA period
- You may be asked to release some equity within your property
- IVAs are likely to appear on your credit file
- If you fail to maintain your agreed repayments, you could be made bankrupt
How much will I repay?
In an Individual Voluntary Arrangement (IVA), you repay only what you can afford to, for a fixed period. Once the IVA period is complete, any remaining debt is written off.
Setting up an IVA is a straightforward process. Your IVA supervisor guides you through each step and communicates with your creditors on your behalf.