IVA Calculator

See how much debt you could write-off with an IVA

My total debt
Total number of creditors
Monthly amount I can afford to pay
Do you own your home?
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Use of this IVA Calculator -

DISCLAIMER:

This IVA calculator 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 Vincent Bond & Co. Vincent Bond & Co provide information only and do not give debt advice. If you wish to apply for any of the debt solutions outlined in this website, Vincent Bond will with your permission pass your details to a licenced debt solution provider.

Vincent Bond & Co does not charge you any fees for use of this website or the IVA Calculator. Vincent Bond & Co 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.

IVA Example
Example of how an IVA can work.

How your finances may look...
1 Unsecured Loan £13,000
2 Credit Card £7,000
3 Store Card £5,000
£120
(60 monthly payments)
£7,200
(Total repayment)
£17,800
(Debt written off)
There are both advantages and disadvantages to an IVA, you should receive debt advice on all possible solutions before proceeding.

Debt Statistics

231 people a day are declared insolvent or bankrupt.
(Source: themoneycharity.org.uk)
£28,442 Average debt of each adult in the UK
(Source: themoneycharity.org.uk)
2,330 CCJs are issued every day
2,620 Insolvency cases handled by us in 2015
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To find out more about managing your money and getting free advice, visit Money Advice Service, an 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.
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.
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  • 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.
Read more
  • This solution is only available to those people living in Scotland. It is similar to the IVA that is available in England and Wales but they are not the same. It 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.
  • Debt Relief Order (DRO) - 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 and less available money spare each month.
  • 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.
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Important information

IVA.com is a trading name of Vincent Bond & Co Ltd. Vincent Bond & Co does not provide debt advice. If you wish to apply for any of the debt solutions outlined in this website Vincent Bond & Co 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 more detail. During this telephone call and subsequent communication, you will be dealing with a debt solutions partner and not Vincent Bond & Co Ltd. Fees may be charged by the debt solution provider if you enter a debt solution with them. Vincent Bond 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. Vincent Bond & Co 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 Vincent Bond 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.