About IVAs

IVA criteria are negotiable

Car hire purchase payments are usually incorporated into the arrangement when the contract comes to an end. Details depend on the car and your occupation.

To qualify for an IVA, you must:

declare all debts and all credit detail;

owe at least four different creditors;

have debts totalling a minimum of £20,000; surrender the values of any endowment polices;

To set up your IVA, we will need:

all up to date creditor correspondence and statements;

your last 3 months bank statements;

house valuations, mortgage statements and redemption statements;

your current wage slips, benefit details and details of any other income;

copies of all rent and hp agreements;

details of both partners if a joint household, even if it is not a joint IVA.

detailed background information on your affairs leading up to your present financial situation.

It is a legally binding agreement allowing you to reduce the amount that you pay back to your creditors.

The IVA process stops charges being incurred on your debts.

IVA is a method of enabling the reduction of your monthly repayments; this means you remain in control of more of your disposable income each month.

You complete and submit an online application form.

Our consultants will contact you to talk you through your application.

If your financial situation meets the criteria set by the Insolvency Practitioner, you will be accepted onto the IVA programme.

The Insolvency Practitioner who acts on your behalf will get in touch with all your creditors to advise them that they legally represent you.

Based on the information that you provide, an IVA proposal will be drafted; this is a written agreement that sets out the actual terms of the IVA.

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