IVAs are an expensive way to deal with problem debts. Beyond the insolvency practitioner’s fees, which can be very high, in order to complete your IVA you must make regular monthly payments for around five years. If your circumstances are likely to change or you don’t have a predictable source of income an IVA is probably not right for you.
You may have to sell more expensive assets (like cars, valuable jewellery, or any property that isn’t your family home), and in some cases you may have to remortgage your home at the end of your IVA.
Some other disadvantages of an IVA are that you will find it more difficult to get credit if you’ve had an IVA, which can affect things like catalogue shopping and obtaining a mortgage, as well as the more obvious things like getting a personal loan or credit card.
Certain professions are also not allowed to practice if they have gone through an insolvency procedure, which includes IVAs. Common professions covered by these restrictions are accountancy and legal services, but you should check your contract of employment and with any professional bodies to find out if you may be affected.
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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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