Complaining About An Insolvency Practitioner (Your IVA)

Complaining About An Insolvency Practitioner 

  No upfront fee's

  It's affordable, You only pay back what you can afford and normally only an agreed percentage of your debts

  You make only a single payment each month which is distributed to creditors on your behalf.

  You will be debt-free in a set period of time, normally 5 years

  Once your IVA is approved, All your creditors must agree to the IVA. Including the terms and conditions attached to an IVA

  By law, all interest and charges are frozen as long as you maintain your payments

  Your creditors will stop calling, Once enough of your creditors agree to an IVA at least 75% in value of the creditors will need to vote in favour

  Legally binding this means all creditor action, contact and demands will stop once the IVA has been approved

  You won't be forced to sell your home, Your home is a protected asset in an IVA

IVA Cons

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.

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.

IVAs can be refused, Your creditors can refuse your IVA proposal but in most cases, we can negotiate with your creditors to get your IVA approved

  An IVA is a formal agreement, Therefore you need to make sure you comply with the terms and conditions attached to an IVA

  Your monthly repayments may leave you with a tight budget whilst your debts are repaid

It will affect your credit score. IVAs remain on your credit file for 6 years from the day it starts, Some IVAs can last longer, therefore, this will show on your credit file for longer

Not all debts can be included in an IVA, or example student loans, child support and maintenance, magistrate court fines and social fund loans are excluded from an IVA, but an allowance can be given to enable you to continue repaying these.

If you fail to make the payments due under the terms of your IVA, then your arrangement could fail.

Your IVA will be listed on the Individual Insolvency Service register

If you fail to make the payments due under the terms of your IVA, then your arrangement could fail.

IVA Calculator

Roughly how much unsecured debts do you currently have?

Less Than £6,000
£6,000 - £10,000
£10,000 - £20,000
More Than £20,000

What is your current employment status?

Full-time employment
Part-time employment
Looking for work
Unemployment
Benefits

What country do you live in?

England
Scotland
Wales
Northern Ireland

1
Good news, we can help write off unaffordable debt

Based on your debt of £6,000 - £10,000, we have identified that we can help you become Debt Free.

One of these options may be able to write-off up to 85% of your debt.

What happens now?
Fill out the form and continue online to see how much debt you can write off.
Confirm debt write off percentage.

2
Let's get started

We have identified we could help save you thousands on the debt you owe.

To access your RESULTS, please complete the form below to find out if you qualify to write off up to 85% of your debt and potentially reduce repayments to just £20 per week.







Debts That Can Be Included In An IVA

All unsecured debts can go into an IVA. Here are some examples of the debts you can include:

Credit cards - Here are a few examples: Vanquis, Barclays, Natwest, Lloyds, HSBC, Tesco, Capital One

Unsecured loans - Barclays, Lloyds, Tesco, Wonga, Adverse Credit Loans Apply now

Payday Loans - Wonga, Lending Stream, Amigo, Satsuma, QuickQuid

Catalogue and store card debts

Credit Cards

Personal Loans

Overdrafts

Gas, electricity, and water bill arrears

Tax credit/ benefit overpayments

Debts to family and friends

Other outstanding bills

What Is An IVA?

An IVA (Individual Voluntary Arrangement) is a formal agreement made between the person in debt and their creditors. Once you enter into an IVA your creditors can no longer take further action against you to recover any outstanding debts, All interest and charges associated with your debts are frozen.

All IVAs are set up and managed by an Insolvency Practitioner (IP), An IVA is a form of insolvency that can potentially right off up to 90% of your debts and is also an alternative to bankruptcy. 

In an IVA a single payment is agreed with your financial situation taken into consideration, The payment is then divided between the unsecured creditors over a set period of time (usually five years), after which any remaining debts are written off. 

Once you enter into an IVA (individual voluntary arrangement) your creditors are legally bound by the terms and conditions imposed by an IVA, These include stopping to take any further action or contacting you directly.

Whilst there are no legal maximum or minimum amounts you must owe to get an IVA, Usually, you must owe at least £5,000 to get your creditors to agree to the IVA. You can owe this amount across more than one debt, with more than one creditor.

At the end of your IVA, Any debt remaining will be written off and you will become debt-free.

An IVA is open to residents of England, Wales and Northern Ireland. Scottish residents can find support in the form of a (PTD) Trust Deed or also known as a Protected Trust Deed.

Who Can Get An IVA?

An IVA (individual voluntary arrangement) is normally only suitable for people who are struggling to maintain payments to their current debts and have a regular income.

In order to get an IVA, you must have spare income after you have met your essential living costs each month.

Your creditors will be obliged to agree to an IVA if you meet the other criteria needed to get an IVA plan. Your insolvency practitioner will be able to offer you more specific advice once they know your circumstances.

In order to qualify for an IVA, you must reside in England, Wales or Northern Ireland. You will also need the minimum requirements:

Have £5,000 or More of unsecured debt

Owe money to two or more creditors 

Live in England, Wales or Northern Ireland

Maintain a payment of a minimum of £70 per month 

You can see if you qualify for an IVA and whether you can write off up to 90% of unsecured debt

How Does IVA Calculator work?

  1. Based on the details you provided, IVA calculator will determine whether you qualify for IVA or not.
  2. It will also calculate the amount of debt you can write off with an Individual Voluntary Arrangement - IVA.
  3. Our IVA calculator will send your results to your dedicated adviser.
  4. We do not charge any setup fees.

Basic criteria to qualify for IVA

  1. Your total unsecured debts are £5,000 or more.
  2. You have 2 or more creditors.
  3. After all your necessary expenses are covered, you have a monthly surplus income of minimum £80.

IVA Calculator

Roughly how much unsecured debts do you currently have?

Less Than £6,000
£6,000 - £10,000
£10,000 - £20,000
More Than £20,000

What is your current employment status?

Full-time employment
Part-time employment
Looking for work
Unemployment
Benefits

What country do you live in?

England
Scotland
Wales
Northern Ireland

1
Good news, we can help write off unaffordable debt

Based on your debt of £6,000 - £10,000, we have identified that we can help you become Debt Free.

One of these options may be able to write-off up to 85% of your debt.

What happens now?
Fill out the form and continue online to see how much debt you can write off.
Confirm debt write off percentage.

2
Let's get started

We have identified we could help save you thousands on the debt you owe.

To access your RESULTS, please complete the form below to find out if you qualify to write off up to 85% of your debt and potentially reduce repayments to just £20 per week.







Open chat
Ask Us A Question