IVA Forum – Complete Overview with Guide, FAQs, Tips & More
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. Learn more about IVA forums and the best IVA forum you should join for free this week.
What Is an IVA?
An Individual Voluntary Arrangement (IVA) is a type of debt solution that some debtors may be able to use. It is only suitable if you have more than one debt and all your debts equate to more than £15,000.
It works by legally binding you to pay a single amount each month, which is then split between all your creditors proportionally to what you owe them. For example, if you paid £200 per month and had two creditors that you owed the same amount to, each creditor would take 50% of your payment minus any fees.
Yes, we just said fees! As a debt solution provided by an insolvency practitioner (or a debt management company) you must pay fees to set up an IVA and while it is ongoing. Most IVAs will last either five or six years and you can’t miss a payment without big consequences.
The big benefit of an IVA and why so many debtors want one is because at the end of the IVA, all debts are wiped. Whatever you haven’t paid back to this point never has to be repaid, and some people leave the IVA with 80%+ of their debt wiped.
So, That Makes an IVA Forum…
If that is an IVA, what is an IVA forum? It’s quite simple really. An IVA forum is an online website where people can post comments and questions to receive answers and other people’s views, and sometimes even finance professionals’ opinions. It is like an online community that shares knowledge and news about IVA processes.
If you are considering trying for an IVA or already have one but still have questions along the journey, joining an IVA forum can be beneficial and even provide you with another support network as you tackle your debts.
What Are the Best IVA Forums?
There are three leading IVA forums in the UK. They are:
To help you decide which is the best IVA forum in the UK, here is a mini review on each of these forums:
Money Saving Expert IVA Forum
The Money Saving Expert IVA Forum is a popular forum because it also discusses many other things to do with money and saving. Not to forget that the face of the website is none other than Martin Lewis, the UK’s money guru and financial tipster.
The good things about Money Saving Expert IVA Forum – which is really a selection of IVA threads within the forum – is that it gets a lot of visitors and the site is super friendly to navigate around. The drawback is that the site doesn’t include a lot f professional posters, meaning information provided can sometimes be incorrect or outdated.
IVA Advice Forum and IVA.co.uk
The IVA Advice Forum and IVA.co.uk can be discussed together because they are very similar. They are both owned by commercial debt management groups, meaning they are also marketing tools to get debtors to use their services, even if the marketing tactics are not very aggressive. After all, it is still just an IVA forum.
The big advantage that these forums offer is that they include many professional insolvency practitioners that join the conversation and give trustworthy advice and answers.
If we had to pick a winner, it would be IVA.co.uk because the website is much more modern than the outdated IVA Advice Forum website.
How Can I Get An IVA?
Debt solutions can be divided into two categories, namely informal solutions and formal solutions. Those that are informal can be negotiated by anyone, including yourself. One example is a Debt Management Plan, also known as a DMP, which is another type of monthly repayment plan for smaller debts.
Formal solutions cannot be agreed or managed by anyone. They must be made by a registered insolvency practitioner who also monitors the process of the IVA over its lifetime. An IVA is a formal solution and you therefore need to pay for an insolvency practitioner to arrange one for you.
This debt solution service may be available by speaking with financial advisors and accountants, but there are specific debt management companies that also offer an IVA service. You will find many options online, but not every debt management company will charge the same fees.
Will My IVA Be Accepted?
To apply for an IVA, you must meet the criteria to have one. That means you must have considerable amount of debt around £15,000+ and you are likely to have more than one creditor.
But even if you meet these criteria and get an insolvency practitioner to propose an IVA to your creditors, there is no 100% guarantee that you will get an IVA.
Your creditors need to agree to the proposal put forward as it is legally binding, which means they will be assessing how much you are willing to pay back each month. Most IVA repayment plans start at £100 per month but are typically above £200.
To get the IVA accepted, 75% of your creditors must agree to the IVA’s terms. If not, the IVA will be rejected.
An IVA is a very serious debt solution because if you don’t keep to the repayments you could be forced to file for bankruptcy. There are lots of things you should know about an IVA before trying to get one or signing on the dotted line.
Where Can I Find More Details on IVAs?
To understand more about IVAs, start by reading the IVA guide on our MoneyNerd debt solutions page. This guide has been made to be helpful and not confuse you with technical language.