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FAQs

An IVA (Individual Voluntary Arrangement) is an arrangement that is legally binding and creditors cannot contact you as long as you are keeping up payments and co-operate with the IVA Supervisor. The IVA's Main Advantage is that once an IVA has been approved, any creditors you include have no legal right to pursue you outside of the IVA, so phone calls and letters should stop.
On average, our users complete and submit our fast and simple application form within minutes. As long as your details have been entered correctly, our intelligent software will almost instantly matchmake your information with the requirements of our panel of lenders, all within a matter of seconds. Applications can be made 24 hours a day, 7 days a week and a loan decision can be made within minutes.
IVAs are not published in your local paper, unlike things such as bankruptcy. The privacy aspect of an IVA is often a reason why people favour them over bankruptcy. Your IVA will however be noted on the Insolvency Register, held by the Insolvency Service. Any member of the public can access the Insolvency register via the Internet. Approved IVAs are also published in Stubbs Gazette, a magazine that can be requested by Insolvency Practitioners, finance companies and banks etc.
IVA's wont usually affect your job. However, if you are in certain specific jobs, like an accountant or solicitor, an IVA may mean that you can no longer practice, or may be able to practice only subject to conditions. If you're worried about what impact an IVA will have on your job, see the terms and conditions of your contract and see if it mentions anything about continuing to work when you have an IVA.
If you own a home or another property you should be able to carry on living there when you begin your IVA. The mortgage is not included in the Arrangement and your mortgage lender is not normally told. You'll be able to keep paying towards your mortgage. A large amount will be included in your Living Expenses budget to allow you to do this. The Arrangement will help secure your property from your unsecured creditors. The ones you include are no longer allowed to try and secure their debt against your property by Charging Order. A condition of the IVA is that you might be asked to release equity from your property. Money you raise in this way must be paid into the Arrangement for the benefit of your creditors.
Council tax arrears Water arrears Payday loans Store cards Personal loans Tax credit or benefit overpayments Debts to family and friends Catalogues Overdrafts Credit cards Gas and electric arrears Income tax and national insurance arrears Any other outstanding bill, for example solicitor’s costs, invoices for building work and veterinary bills