IVA | What is an IVA?

+ What is an IVA?

An IVA ( Individual Voluntary Arrangement ) is a government solution created to help people clear their debts instead of going bankrupt. With an IVA you only pay back what you can afford to pay each month.Because an IVA is legally binding, your creditors cannot alter the terms of the agreement at any stage.

The duration and payments of an IVA are fixed. In most cases a large portion of your debts are legally written off . This means you could only pay back a small percentage of your debts. You will know exactly when you will be debt free.

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+ Is an IVA the right choice for me?

An IVA is the right choice for you if you:

• have debts over £15,000
• can afford to pay at least £200 to your creditors each month
• are struggling to repay your monthly creditor payments

An IVA may be right for you and you could have a large portion of your debts legally written off.

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+ What living costs are allowed in an IVA?

In an IVA you will have an agreed budget for your all your living costs. There are allowances made for this in the agreement. These expenses will be mostly based on what you currently have to pay out each month. You should declare all normal monthly expenses to your creditors so they understand your situation more clearly. There may be some restriction on some expenditure items, such as mobile phone for example.

Your IVA payment is what is left after all your living costs have been taken into consideration.

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+ How does an IVA work?

In order to set up an IVA an Insolvency Practitioner is required to set up and negotiate the IVA terms with the creditors. IVA Northern Ireland has 6 of our own Insolvency Practitioners in house so we are your one stop shop for IVAs. An IVA is a legally binding process and once you enter into one you will no longer be contacted or harassed by your creditors.

Each IVA is different. The terms of your IVA depends on your employment status, income, expenditure, amount of unsecured debts, number of creditors and how you spend your money generally. Your IVA repayments to the creditors are established by analysing all of these factors and coming to a legally binding agreement on the monthly repayments. There then is a meeting with each of the creditors to decided if they want to agree to the IVA and if more than or 75% of your creditors, by debt value, agree to the terms the IVA can begin, and you are on your way to paying of your debts and becoming free of debt.

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IVA Customer Testimonials

Mr and Mrs Young were struggling with payments of £420 per month on debts of £22,000. They contacted National Debt Relief to see how we could help. After calling us we identified an IVA as their best course of action.

We setup the IVA, got their creditors to agree and they made repayments of £220 per month. After making 60 monthly payments the remaining £8,800 was written off leaving them Debt Free.

Why use National Debt Relief? A little bit about us

National Debt Relief are part of a group of companies established since 1932. We have a fantastic relationship with the credit houses and because of this enjoy a 98% acceptance rate for schemes proposed on behalf of our clients.

We do not charge upfront fees for proposing the scheme on your behalf. You will pay nothing until your creditors accept your proposal. If for any reason your creditors do not accept your proposal you will pay nothing. We will even help you to find an alternative solution.

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	1 easily affordable monthly payment based on your income and expenses
	Unlike some of our competitors, we do not charge any Upfront Fees, saving you £100s
	An IVA offers you protection from creditors
	An IVA offers you protection from creditors
	Creditor pressure stopped as creditors must deal with us
	Most IVAs last for just 5 years (occasionally longer, although some can last a few months)
	All interest frozen immediately
	Suitable for tenants or homeowners, individuals or couples, and even business owners
	We can setup an IVA in as little as 4 weeks
	Only 75% of your creditors (by debt balance) need to accept your proposal to make it legal

Write off Debts you Cannot Afford with an IVA

Freephone 0800 043 5153 to speak to us direct.

IVA Quick Questions & Answers...

+ What is an IVA?

+ Is an IVA the right choice for me?

+ What living costs are allowed in an IVA?

+ How does an IVA work?

IVA Customer Testimonials

Why use National Debt Relief? A little bit about us

Individual Voluntary Arrangements (IVAs)

IVA Customer Testimonials