Involuntary Voluntary Arrangement Information

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What Is an IVA?

This is a Formal agreement between a creditor and individual in debt to repay an amount that is actually affordable, It can be multiple small or large payment or a lump some. It is only available in England, Northern Island and Wales but in Scotland there is a similar thing called a protected trust deed. 

IVA Positives:

  • You can make payments you can afford over a long period of time.
  • If you have a lump sum to offer this can be paid as a “full and Final” settlement with the creditors, ridding you of the debt from that point on.
  • Once you have made your final payments you are now without debt.
  • If you own a Home you can usually keep your house provided you can continue with any other outstanding payments on your house like mortgage payments.

IVA Negatives:

  • If your property has any equity they you will need to try and re-mortgage it.
  • If you cant re-mortgage your property then you can make a maximum of 12 extra payments or a 3rd party can pay off a equivalent sum to that of the properties equity.
  • Remortgaging will cause you to have to endure a higher interest rate on your loan.
  • You will be negatively effective when it comes to your credit.
  • If you do an IVA it will go on a public register.
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