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

Can I Include Mortgage and Secured Debts In An IVA?

If there is an instance when your property has been repossessed, then any shortfall from your Mortgage and Secured Loan can be included in an IVA as an Unsecured Debt.

Other debts can technically be included in an IVA, but the lender would have to give their permission for this to happen.

Are you still a homeowner? An IVA can protect your home learn more here

Other secured debts like HP Agreements can be included in an IVA but at the point of entering an IVA the vehicle must have been given back to the lender then any shortfall will be included as debt into the IVA. 

Alternatively of you are keeping your car an IVA protects this asset and will allow you to continue paying a contribution towards your car for the duration of an IVA.

Debts Cannot be Included In An IVA

Mortgages are protected (shortfalls can be included as unsecured debt)

Other secured loans

Hire purchase agreements (shortfalls can be included)

Debts incurred through fraud

Court fines (some can be included)

TV license arrears

Student loans (some can be included)

Child support arrears

IVA Calculator

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

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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.







 

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.
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