How can an IVA help me?

An IVA is used to help people whose level of personal debt has become uncontrollable. If you have no other way of meeting your creditor commitments, and other forms of debt help such as a Debt management plan or a consolidation loan are inadequate, the IVA discipline may be the only viable option.

An IVA provides you with a means to propose a payment alternative to your creditors. In essence, at the approval of you creditors an IVA allows you to write off a certain percentage in the pound, for each pound of collective debt that you owe.

Am I on my own once the procedure has been approved?

Throughout the life of the IVA, a licensed Insolvency Practitioner will accompany you at all times. Your IP will prepare the IVA on your behalf and will be on hand to provide any IVA help or assistance that you need.

Your decision to partake in an IVA requires preparation and you will be given as much advice as possible prior to its commencement.

How many people enter into an IVA agreement each year?

The number of people requesting IVA help is growing. During 2006 approximately 50,000 people used an IVA as a solution to their debt predicament.

Official statistics suggest that this number is set to increase further over the coming years, as personal debt amongst consumer’s increases.