IVA Calculator

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DISCLAIMER:

The information provided on the IVA.com website illustration is approximate and should only be used as a guide. Please seek debt advice from an authorised debt solution provider before making a decision on how to best deal with your debt situation. Please read this important information.

Important Information:

IVA.com is owned and operated by IVA.com Group Limited. IVA.com Group Limited provides initial debt advice and will with your permission pass your details to a licenced debt solution provider.

IVA.com Group Limited does not charge you any fees for use of this website or the IVA Calculator. IVA.com Group Limited may receive a referral fee from a debt solution provider if you agree to use their services.

Before entering into a debt solution you should ensure that you have considered the implications. Failure to keep up with repayments can result in bankruptcy or legal action. Lenders are not obliged to accept less in settlement of a debt than they are entitled to or to freeze interest or charges. Not all solutions involve debt write off and some solutions may result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions will affect your credit rating which records all financial activity for 6 years. Conditions apply and each application will be subject to acceptance and eligibility.

A Service you can Trust

Iva.com prides itself on providing a personal service to its clients. To us you are a name and not a number.

  • We offer a personal service, you will have a dedicated advisor as your contact
  • You can contact us out of hours including weekends
  • We are not pushy and will go at your pace
Keith White, Senior Debt Advisor, talks about IVAs. Contact Keith White directly here.

Before you enter into an IVA you should consider the advantages and disadvantages as outlined below.

Advantages
Disdvantages
You will make affordable monthly payments over a fixed period, usually 5 or 6 years.
Your credit rating will be adversely affected and it may take time for the credit rating to repair.
Once you have made your final payment into the IVA, any remaining debt is written off.
An IVA will only deal with unsecured debts and creditors do not have to accept an IVA proposal.
Creditors must freeze all further interest, cannot take further legal action and will not make contact during the IVA.
Whilst in an IVA there are restrictions on a person's expenditure, and payments may go up as well as down.
Property (such as a family home) is not at risk as it could be in Bankruptcy.
Home owners may have to release available equity from their property through a remortgage, which may be on less favourable terms.
You may be able to offer a lump sum as a full and final settlement of your debt.
If a remortgage is not possible, the IVA may be extended for up to 12 months.
You will not have to deal with your creditors directly, this is done by your IVA supervisor.
If the IVA arrangement was to fail, due to non-payment or not meeting the terms of the IVA, there is a risk of bankruptcy.

* There is no set limit to the write off amount, you will always pay as much as you can afford during the IVA. Some people may pay back most of their debt, others may not be able to.

**You will always pay what you can afford during an IVA. The minimum monthly amount accepted by creditors is approximately £80 a month, but you may pay more than this if you can afford to.

***If the creditors accept the IVA they have to freeze interest and charges and stop all legal action. Home owners may have to release available equity from their property through a remortgage, which may be on less favourable terms. If a remortgage is not possible, the IVA may be extended for up to 12 months.

Debt Statistics

248 people a day are declared insolvent or bankrupt.
(Source: themoneycharity.org.uk May 2017)
£30,277 Average debt of each adult in the UK
(Source: themoneycharity.org.uk May 2017)
3,321 CCJs are issued every day
(Source: themoneycharity.org.uk May 2017)


To find out more about managing your money and getting free advice, visit Money Advice Service, an impartial independent service set up to help people manage their money.

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Click on the solutions below for advantages, disadvantages and FAQs.

IVA

  • An IVA or Individual Voluntary Arrangement is a legally binding agreement with Creditors.
  • It allows someone who is in financial difficulty to make a formal proposal to settle their debts within a reasonable and fixed period of time - normally 5 years, though this can vary depending on your situation.
  • Monthly repayments are based on what you can afford to pay.
  • After the agreed payment period, any outstanding debt will be legally written off by your creditors.
  • This solution is available to people living in England, Wales or Northern Ireland. If you live in Scotland you may be able to apply for a Scottish Trust Deed which is a similar solution, but it's important to note that it has different benefits, risks and fees associated with it.
Read more

DMP

  • A DMP or 'Debt Management Plan' is an informal agreement with creditors to make reduced affordable monthly payments.
  • It is based on a realistic budget that allows a debtor to pay all their priority bills and normal living expenses and pay what is left to their creditors.
  • Though not obliged to and not guaranteed, most creditors will agree to reduce or freeze interest so that the money the debtor pays reduces their debt more quickly.
  • This solution is available to people living in England, Wales or Northern Ireland. If you live in Scotland you may be able to apply for a Debt Arrangement Scheme (DAS) which is a similar solution, but it's important to note that it has different benefits, risks and fees associated with it.
Read more
  • Bankruptcy is normally seen as a last resort after all other options for repaying debt have been exhausted. If you are declared bankrupt, you will no longer have to repay your creditors yourself and the court will protect you from any further legal action from your creditors.
  • However there are consequences which may mean that an alternative solution should be considered, depending on your situation. It is important to understand how a Bankruptcy would effect you before proceeding.
  • This solution is available to people living in England, Wales or Northern Ireland. If you live in Scotland you may be able to apply for Sequestration which is a similar solution, but it's important to note that it has different benefits, risks and fees associated with it.
Read more
  • This solution is only available to people living in Scotland. If you live in England, Wales or Northern Ireland you may be able to apply for an IVA which is a similar solution, but it's important to note that it has different benefits, risks and fees associated with it. The Trust Deed is sometimes referred to as a PTD (Protected Trust Deed).
  • A Protected Trust Deed (Scotland) is a legally binding solution. A proposal is put to a debtor's creditors on their behalf by a licensed insolvency practitioner (IP). The proposal is an agreement by the debtor to make an affordable monthly payment towards their debt for typically 4 years. In return the debtor will only repay what they can afford. Any remaining debt will be cleared at the end of the solution, as long as the debtor complies with the terms and conditions of the debt solution.
Read more
  • Debt Consolidation through remortgaging, secured loans or unsecured loans can work, however this must be based on affordability under the advice of an authorised debt solution provider.
  • DIY - You may also wish to manage an informal payment plan yourself, making reduced offers and negotiating with creditors instead of using a company to do it for you.
  • Sequestration - This solution is available to people living in Scotland only. This is the bankruptcy process for those people living in Scotland. It is important to note that there are some differences between Sequestration and the Bankruptcy process available to people in England, Wales and Northern Ireland.
  • Debt Relief Order (DRO) - This solution is available to people living in England, Wales or Northern Ireland. For those who may be considering Bankruptcy but are unsure than afford the fees involved, you may qualify for a DRO if you have lower debts, little or no assets and less available money spare each month.
  • Minimal Asset Process (MAP) - This solution is available to people living in Scotland only. For those who may be considering Bankruptcy but are unsure than afford the fees involved, you may qualify for a MAP if you have lower debts, little or no assets and less available money spare each month.
Important information

IVA.com is owned and operated by IVA.com Group Limited. IVA.Com Group Limited are registered in England & Wales, registered company address: 25 Clarendon RD, Redhill, RH1 1QZ, company registration number 10287907, Information Commissioner's Office registration number ZA242639.

IVA.com Group Limited provides initial debt advice and will with your permission pass your details to a licenced debt solution provider. You will then be called by an advisor who will discuss your options in further detail. During this telephone call and subsequent communication, you will be dealing with a debt solutions provider and not IVA.com Group Limited. Fees may be charged by the debt solution provider if you enter a debt solution with them. IVA.com Group Limited will not charge you a fee, but may receive a referral fee from the debt solution provider if you agree to use their services.

We take reasonable care to ensure that the information on this website accurate. However, the user of this website should not rely on the information or take its accuracy for granted. IVA.com Group Limited does not accept liability or responsibility for and gives no warranty as to the accuracy of the information on this website. The provision of the information on this website does not constitute debt advice or recommendation and IVA.com Group Limited will not accept any liability for any action taken by a user relying on the information provided in the website. Use of the information in this website is at the users own risk. Your statutory rights are not effected by this disclaimer.

The Insolvency Service has issued a guide to dealing with creditors for those struggling with debt: In debt - dealing with your creditors.

To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.