An IVA or Individual Voluntary Arrangement is a form of insolvency that will allow you to make set monthly payments based on what you can afford for up to 6 years and after this time your debt will be written off. There is lots of information and many different IVA providers who all want you to take on an IVA with them and this can often be overwhelming. An IVA is quite an unknown insolvency method so it would be advised to become familiar with it’s ins and outs before agreeing to one.
IVA’s sometimes seem too good to be true. The fact of the matter is that it can be extremely worth it for some people and not worth it at all for others. Whilst it sounds amazing to have the majority of your debt written off, both the short and long term consequences of an IVA can be quite life changing. Have a read of these articles to find out if an IVA is worth it for you.
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Once you’ve weighed all the benefits and risks of an IVA and come to the conclusion that it’s suitable for you, you’ll need to start the process of applying for it. Again, this can be quite complicated and there are many providers who want your business and therefore making a decision on which to choose and ultimately how to apply isn’t easy. Here’s how…
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Been thinking about using an IVA or just a way to get out of debt? You might find answers, support and community guidance on an IVA forum. This community can be really useful if you make the most of it. You will find people who are considering an IVA, have just entered into one or those who have been in one for a while and are about to finish making payments. All of these people can offer to genuine, non-biased advice based on their experiences which could go a long way in helping you make a decision or helping you get through it.
During the period in which your IVA is ongoing, you will not be allowed to take out a loan larger than £500. This includes all kinds of loans. Although many may consider this a good thing as why on earth would you wanted enter into more debt having just made an agreement to get out of debt, it can also be quite restrictive when it comes to applying for a mortgage and so on. Have a read of these articles for more information.
When your IVA is rejected, the most important thing you can do is assess the situation with a calm and collected mind. It will help you determine why exactly your IVA was rejected and in light of that, you can take steps to amend whatever you did wrong. Below are some articles that discuss the consequences of having an IVA rejected or failing out of an IVA so you understand what you are in for and what you should do to avoid this.
Chances of you being able to secure a mortgage during your IVA are fairly slim and can also be impacted after your IVA has been settled. There are definitely some things to consider if you already have an IVA. Like I previously said, an IVA enabling you to clear life-crippling debt can be such a positive thing for many but it is a last resort and you shouldn’t take on the decision lightly.
Reaching the end of your IVA is no easy feat and if you’re at this point, you should definitely give yourself a congratulatory pat on the back. However, there are some things you should be aware of that can ensure you don’t run into any problems at the end of your IVA. I have walked through some of these things in the article below to ensure that you are fully aware of the next steps so you can finish your IVA and restart your financial freedom.
Can I apply for credit after having an IVA? Yes! What Kind of Credit Can You Avail after an IVA? It’s limited but it is definitely possible and it is actually a great opportunity to start rebuilding your credit following an IVA. Although this information is hard to navigate through, I have complied a series of articles for you to look through for all the information you may need.
Which IVA company you should opt for? There are so many to choose from and it is certainly the case where some are better than others. On the whole, you want an IVA company who has great communication, a lot of experience and a lot of good reviews. This circumstances of agreeing to an IVA are hard enough without having a bad company to deal with. Luckily, we’ve got the information covered to help you out.
An IVA usually lasts around 6 years whereby you’re making monthly payments until either you pay off the debt or it is written off. This is a long commitment and sometimes your financial situation changes allowing you to perhaps payoff your IVA early. But is this allowed? It is possible to repay your IVA off early. But how? Well, we’ll tell you…
More Information on IVAs
Can’t find what you’re looking for? Maybe these articles can help. We’ve added a few more articles to try to cover every single thing you may ask about an IVA. If you haven’t found what you’re looking for yet, hopefully you will now.