One of the major advantages of an IVA is the fact that it is legally binding, both to you and your creditors. Once your IVA has been agreed, your creditors can no longer hassle you or take further steps to recover your debts, so long as you make the agreed monthly payments.
Another advantage of an IVA is that after a fixed period of time you are declared debt free.
IVA vs Bankruptcy
There are many situations in which an IVA is preferable to going bankrupt. If you wish to protect a particular asset or piece of property, you own your own business, or you work in a profession where going bankrupt may lead to you losing your job, an IVA is a far better method than bankruptcy for dealing with problem debts.
If you have, or may need to get power of attorney on behalf of someone you care for, avoiding bankruptcy allows you to carry on being their attorney.
An IVA also avoids you having to close your bank account (which bankruptcy demands). You do not have to tell your bank about your IVA.
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How does IVA Calculator work?
- Based on the details you provided, IVA calculator will determine whether you qualify for IVA or not.
- It will also calculate the amount of debt you can write off with an Individual Voluntary Arrangement – IVA.
- Our IVA calculator will send your results to your dedicated adviser.
- We do not charge any setup fees.
Basic criteria to qualify for IVA
- Your total unsecured debts are £5,000 or more.
- You have 2 or more creditors.
It is possible that some other debt solution is best for you, to know call our 24hr helpline 0800 088 2599
IVA – Frequently Asked Questions
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