Explore How an IVA can Support Your Finance

Individual Voluntary Arrangement (IVA) in the UK: Smartest Way for Debt Clearance

What is IVA?

IVA or Individual Voluntary Arrangement is a legal and formal agreement between you and your creditors where a fixed period for debt repayment is being arranged. The standard tenure for debt repayment is five to six years. The purpose of having an IVA is to make arrangements for you to repay your debt amount as per your affordability, and it is done every month. Your financial condition and the remaining amount of debt to be repaid is mentioned in the agreement as well, and is made available for both the parties.

Why Choose Step Away Debt for Your IVA?

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Tailored Solutions

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Confidentiality

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No Upfront Fees

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Proven Results

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When Do You Need an IVA?

You may consider going for IVA when you are -

  • Finding it difficult to pay the debt every month, and is looking for a constructive solution to that
  • You owe more than £6,000 to one or more creditors in total
  • You have a steady monthly income and are suitable for monthly debt payment affordably
  • You don’t wish to go for bankruptcy and suffer its probable consequences

Do you need more information on IVA? Feel free to get in touch with our experts for free consultation. like mortgages, car loans, student loans, court fines and utility bills don’t come under the Individual Voluntary Arrangement.

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Type of Debts IVA Covers

Our IVA process caters to different unsecured loans including -

  • Credit Cards
  • Personal Loans
  • Overdrafts
  • Store Cards
  • Payday Loans

Secured loans like mortgages, car loans, student loans, court fines and utility bills don’t come under the Individual Voluntary Arrangement.

How Does an IVA Work?

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Assessment of your financial status and debts

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Prepare a proposal for the creditors

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Creditor Approval.

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Initiate affordable monthly payment plans

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Complete Debt Repayment

Got IVA Questions? We’ve Got Answers!

Frequently Asked Question

Yes, a IVA will be showcased in the credit report for the next 6 years and will not allow you to borrow money till the agreement period is over. However, you will find it as a positive step for becoming debt-free in the future and restoring your financial condition.

We work effectively to make sure that the creditors approve your IVA proposal. Íf you owe 75% of your total debt to the creditors, they are legally bound to approve your proposal.

Only the debts that are not secure can be included in an IVA. You cannot include mortgages, car loans, student loans, and other secured debts in it.

There is a chance of the IVA getting breached in case you miss or fail to give an IVA payment. So, reach us as soon as possible to avoid any such failure in the payment and we will work towards a potential solution immediately.

Switch to a Debt-Free Life Ahead with Our IVA Solutions

Get in touch with us today to consult with our experts completely free and take your first step towards living a life with financial freedom