Apply For An IVA Online

There are many companies that provide individual voluntary arrangements (IVAs) to help people pay off their debts. They look at all the details of your situation and work out how much you can afford to pay each month, including your income, expenditure and assets.

The first step in the process is to talk to you about your financial situation and get an idea of what you owe and how much you earn. This is so they can decide whether or not you’re eligible for an IVA.

Next they will review your credit report and bank statements and look at your current monthly outgoings. They will also need to know how much you can reasonably afford to pay each month and if you have any assets, such as your home, which could be used to reduce the amount you owe.

They will then prepare a proposal to submit to all of your creditors and wait for them to approve it. The proposal must be accepted by at least 75% ‘by value’ of the voting creditors for it to be legally binding on all of them.

Once the IVA is approved, you won’t have to worry about getting calls from your creditors and they will stop adding interest or late payment charges to your accounts. You will also be able to write off some of your debts as a result, making it easier to clear them all.