IVA - INDIVIDUAL VOLUNTARY ARRANGEMENT
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An IVA is short for an Individual Voluntary Arrangement, and was introduced by the government in the 1980's. An IVA is a legally binding agreement between you and your creditors that helps you manage your debts to your creditors and helps you become debt free.
An IVA is a solution that gives you the chance to avoid bankruptcy whilst freezing interest payments and enabling one manageable monthly payment. An IVA will also mean you will no longer have to deal directly with your creditors and cease any legal action.
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Generally, an IVA lasts for five years. During this time you will be making a monthly payment agreed in your proposal. As long as you adhere to the terms of your IVA and complete it successfully, a portion of your remaining debt will be written off at the end of five years.
In general IVAs and Trust Deeds are awarded to Individuals that have over £15,000 of debt and two or more creditors. If you are already subject to a Bankruptcy Order you may still apply for an IVA. If the arrangement is approved, your Bankruptcy is annulled.
IVA NAME  | DEBT OPTIONS | TERMS & CONDITIONS | ID REQUIRED | MIN DEBT | MIN MONTHLY REPAYMENT | APPLY |
ClearDebt123 | Debt management
IVA | At least 2 creditors are required to apply. | ID may be required. Apply for more information. | £5,000.00 | £50.00 |  |
| Cleardebt123 is a UK based IVA specialist who offer Free, Personalised, Expert Advice. They claim to be able to help you write off up to 70% of your debts – the online application process is easy and quick. DETAIL INFORMATION >> | ||||||
Trapped.co.uk | Debt management
IVA | Must fill out an application to get a free calculation | Amounts owed, name, address, partner details, age, marital status, credit details | £1,500.00 | N/A | |
| Trapped.co.uk offers Debt Management Plan advice, IVAs and Trust Deeds (Scotland) for people struggling with their debts. Find out if you qualify online. DETAIL INFORMATION >> | ||||||
Clear Debt | IVA
Debt Management Plans | At least 2 creditors are required to apply. | Initially your debt profile | £10,000.00 | £100.00 | |
| If you are confident that you can maintain your regular monthly payments then an IVA could be the solution for you. Clear Debt try to help you be debt free in 5 years or less. You can take the two-minute Clear Debt Analyser test to get a personalised initial assessment of whether a Clear Debt IVA is right for you online. DETAIL INFORMATION >> | ||||||
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