IVA

IVA

IVA's were introduced by the Insolvency Act 1986 which sets out the rules and procedures to be followed. An IVA cannot commence until a fully qualified insolvency practitioner agrees to take on your case. Loan.co.uk offers you free IVA advice to help you review your financial circumstances and to consider all options available to you.

1. Debts are quickly reduced to a single manageable monthly repayment.
2. Avoid legal proceedings being brought against you where debts are becoming unmanageable.
3. All your debts are cleared over a 5 year period.
4. An IVA is a formal arrangement helping you to stick to an agreed repayment programme.
5. Avoid bankruptcy and the resulting publicity and implications.


Our IVA advice is that it is important to understand that this is not the easiest option to manage your debts. However in certain circumstances it can be the best route to take.

If you take this route you will have to stick to a strict budget for 5 years and fulfil the commitment made to your creditors for the full term. At the end of the term your credit rating will be affected to reflect that you have been in an IVA however you can request that this be removed from your credit profile after 12 months.

If you are seeking IVA advice it means you are in financial difficulty and are having trouble managing your debts. Reputable organisations offering IVA advice understand this and will not expect you to pay any fees in advance. Do not be misled by organisations or insolvency practitioners asking for advance fees for applications. No fees are payable until your application approved.