IVA | Frequently Asked Questions | IVA Information
At National Debt Relief we offer 5 types of IVA. We use these for different circumstances.
Single IVA
An IVA application where the debts are in just one name. Read more
Joint IVA (Interlocking)
An IVA application where all or some of the debts are in joint names. Read more
Lump Sum IVA
An IVA where a lump sum payment is offered to creditors. This type of IVA can last for just 12 months. Read more
Assisted IVA
An IVA application where the debts are in just one name but a partner/spouse helps with repayments. Usually used for very large debts where the creditors may not accept. Read more
Self Employed / Business / Sole Trader IVA
An IVA where the applicant has both business and personal debts. Read more
Read some of our actual IVA case examples
Single IVA
What is a Single IVA?
A single IVA is an IVA application where all the debts are in just one name. Where this is the case, a husband/wife/partner is not obliged to make payments towards the IVA and we would propose a single IVA to your creditors.
Debts which are owed jointly with another person can also be included in a single IVA.
Note: In some cases your husband/wife/partner may want to contribute towards the IVA to improve the chances of your creditors accepting your IVA proposal. We call this an "Assisted IVA". Read more about Assisted IVAs here
Who can apply for a Single IVA?
Anyone who meets the criteria for an IVA and has all debts solely in their name or jointly with another person.
IVA Criteria
-Debts over £15,000
-2 or more creditors
-At least £200 to offer creditors per month
If you meet the above criteria an IVA may be right for you and you could have a large portion of your debts legally written off.
Apply for an IVA
What is the process of applying for a Single IVA?
1) Contact us on 0800 043 5135 or fill out our application form and we will call you.
2) Tell us about your circumstances, debts, income, living costs etc
3) We will then discuss your options.
4) If a Single IVA is appropriate for your circumstances we can start working on your case.
5) We will draft your IVA proposal and send it to you for your review and signature.
6) We contact your creditors with your IVA proposal and ask them to accept it.
7) Upon acceptance you will start making your payments as agreed in your proposal.
8) Upon successful completion of your IVA any remaining debts will be written off and you will be completely debt free.
Joint IVA | Interlocking IVA
What is a Joint IVA?
A Joint IVA is an IVA application where both applicants (husband and wife or partners) have debts, either individually or jointly.
Who can apply for a Joint IVA?
Anyone who meets the criteria for an IVA and has joint debts with a husband/wife/partner.
IVA Criteria
-Debts over £15,000
-2 or more creditors
-At least £200 to offer creditors per month
If you meet the above criteria an IVA may be right for you and you could have a large portion of your debts legally written off.
Apply for an IVA
What is the process of applying for a Joint IVA?
1) Contact us on 0800 043 5135 or fill out our application form and we will call you.
2) Tell us about you and your partner's circumstances, debts, income, living costs etc
3) We will then discuss your options.
4) If a Joint IVA is appropriate for your circumstances we can start working on your case.
5) We will draft your IVA proposal and send it to you for your review and signature.
6) We contact your creditors with your IVA proposal and ask them to accept it.
7) Upon acceptance you will start making your payments as agreed in your proposal.
8) Upon successful completion of your IVA any remaining debts will be written off and you will be completely debt free.
Lump Sum IVA
What is a Lump Sum IVA?
A Lump Sum IVA is an IVA application where all the debts are paid off via a lump sum contribution. In these cases the IVA can take just a few months to complete.
Who can apply for a Lump Sum IVA?
Anyone who meets the criteria for an IVA and can offer a lump sum contribution. The lump sum could come from releasing equity from your property or from a third party such as a friend or family member.
IVA Criteria
-Debts over £15,000
-2 or more creditors
-At least £200 to offer creditors per month
If you meet the above criteria an IVA may be right for you and you could have a large portion of your debts legally written off.
What if I do not have enough equity to clear my debt?
Even if your debt is much more than your available equity, you may be able to get your creditors to wipe off some of your debts and accept your equity release as a full and final settlement through the lump sum IVA. Here you would get your creditors to accept just a percentage of the debt and legally wipe off the remaining balance. The lump sum IVA differs from a normal IVA as it can be done via just 1 payment instead of 60 monthly payments.
The lump sum should generally be at least 25% of the total debts, plus enough excess left over to cover the costs to the creditors
What is the process of applying for a Lump Sum IVA?
1) Contact us on 0800 043 5135 or fill out our application form and we will call you.
2) Tell us about your circumstances, debts, income, living costs etc
3) We will then discuss your options.
4) If a Lump Sum IVA is appropriate for your circumstances we can start working on your case.
5) We will draft your IVA proposal and send it to you for your review and signature .
6) We contact your creditors with your IVA proposal and ask them to accept it.
7) Upon acceptance you will start making payments as agreed in your proposal.
8) Upon successful completion of your IVA any remaining debts will be written off and you will be completely debt free.
Assisted Payment IVA
What is an Assisted IVA?
An Assisted IVA is an IVA application where the debts are all in one name. While a husband/wife/partner is not obliged to pay for their partner's debt, it may give the IVA a better chance of creditor acceptance if they contribute to their husband/wife/partner's IVA. We can advise you whether an Assisted IVA is possible or necessary.
Debts which are owed jointly with another person can also be included in an assisted IVA.
Who can apply for an Assisted IVA?
Anyone who meets the criteria for an IVA and has a husband/wife/partner or third party who is willing to contribute towards your IVA payments.
IVA Criteria
-Debts over £15,000
-2 or more creditors
-At least £200 to offer creditors per month
If you meet the above criteria an IVA may be right for you and you could have a large portion of your debts legally written off.
What is the process of applying for an Assisted IVA?
1) Contact us on 0800 043 5135 or fill out our application form and we will call you.
2) Tell us about your circumstances, debts, income, living costs etc
3) We will then discuss your options.
4) If an Assisted IVA is appropriate for your circumstances we can start working on your case.
5) We will draft your IVA proposal and send it to you for your review and signature .
6) We contact your creditors with your IVA proposal and ask them to accept it.
7) Upon acceptance you will start making payments as agreed in your proposal.
8) Upon successful completion of your IVA any remaining debts will be written off and you will be completely debt free.
Business | Self Employed | Sole Trader IVA
What is a Business IVA?
A Business IVA is an IVA application where the applicant is a sole trader and the debts are both business and personal debts. If necessary this type of IVA can also be set up to ensure the business remains trading.
We are the UK leader in this type of IVA case and we have developed great relationships with creditors such as HM Revenue and Customs to ensure support for businesses in temporary financial difficulties.
Who can apply for a Business IVA?
Anyone who meets the criteria for an IVA and is self employed or has a business.
IVA Criteria
-Debts over £15,000
-2 or more creditors
-At least £200 to offer creditors per month
If you meet the above criteria an IVA may be right for you and you could have a large portion of your debts legally written off.
What is the process of applying for a Business/Self Employed IVA?
1) Contact us on 0800 043 5135 or fill out our application form and we will call you.
2) Tell us about your circumstances, debts, income, living costs etc
3) We will then discuss your options.
4) If a Business IVA is appropriate for your circumstances we can start working on your case.
5) We will draft your IVA proposal and send it to you for your review and signature .
6) We contact your creditors with your IVA proposal and ask them to accept it.
7) Upon acceptance you will start making payments as agreed in your proposal.
8) Upon successful completion of your IVA any remaining debts will be written off and you will be completely debt free.
