What is it?

An IVA is an agreement between an individual and their creditors to (normally) make a monthly affordable payment for a period of 5 years to settle the debt.  At the end of the agreed period any remaining debts and interest is written off and the individual will be clear from debt.

If the individual owns a property then normally the agreement will avoid the individual having to sell the property however any equity will have to be paid into the arrangement through a remortgage at the end of the IVA.

Is it suitable for me?

An IVA may be suitable if you: 

  • Want to avoid bankruptcy
  • Want to try to repay your debts
  • Have disposable income of over £250 per month ignoring payments to unsecured creditors (credit cards, suppliers, inland revenue, VAT, etc.)
  • Owe over £15,000 to your creditors (not including anything secured on your property)
  • Have 3 or more creditors

How do I get one?

There are many firms offering debt solutions including IVAs but few specialise in providing such solutions to self employed or sole traders. 

If you want to deal with a reputable firm and meet the above criteria we can put you in contact with an IVA provider experienced in dealing with sole traders or self employed individuals and regulated by the Institute of Chartered Accountants in England and Wales.  Complete the details opposite and we will get someone to contact you by either email or be telephone. 

 There will be no charge for any advice provided at this stage – if an IVA is appropriate and approved then the fees are agreed by the creditors and met out of the affordable monthly payment.


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