IVA Advice

An Individual Voluntary Arrangement (IVA) is a government-backed scheme in the United Kingdom that allows you to meet your debt repayments in full at a reduced amount if you are currently unable to make those payments. This is only open to UK residents excluding Scotland.

IVAUK.co.uk is a full service IVA resource site for anyone interesting in Individual Voluntary Arrangement and general insolvency advice and information for UK residents.

There are a number of different kinds of IVAs as well. A Single IVA is an IVA application where all of the debts only exist in one name. It doesn’t matter if you are married, divorced, or single. In this case, the partner/husband/wife without the debts is not obliged to make any payments toward the IVA. Debts that are owed jointly with another person can also be included in a Single IVA.

In order to meet the requirements for a Single IVA, you will need to meet the right criterion. This means that you will need to have debts over £15,000 and with 3 or more creditors.

In certain cases, your IVA partner may want to contribute towards the IVA to have a better chance of your creditors accommodating the IVA application. This is referred to as an Assisted IVA. There is also something known as a Joint IVA that allows two people, each with debt of £15,000, to propose two separate IVAs but to save a considerable amount on administration fees.

If you would like more information about IVAs fill in the Advice form to the right or to apply for an IVA visit the IVA Application page.