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Individual Voluntary Arrangement (IVA ) Debt Solution

If you’re struggling to pay off your debts, an Individual Voluntary Arrangement (IVA) could be a good option for you. An IVA is a flexible debt solution that lets you pay off your debts over time and it gives you the chance to manage your finances more effectively.

What is an Individual Voluntary Arrangement (IVA)?

An Individual Voluntary Arrangement (IVA) is a flexible debt solution that lets you pay off your debts over time. It’s different from bankruptcy, which is a legal proceeding with strict rules and deadlines. With an IVA, you can negotiate with creditors on your own terms; however, be aware that this type of financial arrangement is not for everyone! Here’s everything you need to know about IVA.

Key Facts About IVA Debt Solution

An IVA is an agreement between the debtor and his/her creditors (people they owe money to) to pay all or part of their debts.

The Features of an IVA

Store cards

Catalogues

Credit cards

Personal Loans

Overdrafts

The Benefits & Implications For The Debtor in an IVA

The Benefits & Implications for the Debtor

The Responsibilities Of the Debtor

Frequently asked questions (FAQ)

While IVAs are recorded as a debt on your credit file, they don’t affect your credit score. In fact, the same is true for other types of debts—like credit cards and loans—that you may have taken out in order to pay off an IVA. Before you get too excited about this news (and we agree that it’s great!), there are some downsides to consider:
  • The good news is that these debts will stay on your report for six years with no derogatory information attached to them whatsoever. But if someone checks out your report after those six years have passed, they’ll see exactly what was reported during those initial months: zero balances and nothing else going against them at all!

When you’re considering entering an IVA, it’s important to be aware of the following:

  • If you are a homeowner and your property has equity in it, you’ll need to try to re-mortgage, which could result in an increased interest rate.
  • Your credit rating will be affected.
  • Only the unsecured debts included in your IVA will be written off at the end of the agreement.
  • Your IVA will be recorded on a public register.
For more about IVA Call us on 0203 318 0990
An Individual Voluntary Arrangement  (IVA) is a formal debt solution that creates a legally binding agreement between you and the people you owe money to. You may decide to enter an IVA if you’re struggling to repay the total amount of unsecured debt you currently have but can repay some.

Yes, it is possible to get a mortgage after an IVA (Individual Voluntary Arrangement), but it may be more challenging than if you did not have an IVA.

An IVA is a legally binding agreement between you and your creditors to repay a portion of your debts over a set period of time, usually five to six years. Once you have completed your IVA, you will receive a certificate of completion.

After completing your IVA, your credit score may still be affected for some time, making it more difficult to get a mortgage. However, there are specialist lenders who are willing to lend to people who have had an IVA. These lenders will typically charge higher interest rates and require a larger deposit to compensate for the added risk.

To improve your chances of getting a mortgage after an IVA, you should take steps to improve your credit score, such as ensuring all your bills are paid on time, reducing your debts, and checking your credit report for errors. You may also want to work with a mortgage broker who specializes in helping people with bad credit or a history of debt problems to find suitable mortgage options.