IVA Benefits

What are the Benefits of an IVA?

There are benefits to being in an IVA. If you are struggling with your debt and think there is no way out and are considering bankruptcy, then an IVA may be the debt solution for you. IVAs are becoming a preferred alternative to help them out of their debt problems. If you are having debt problems and think an IVA could help you then you should contact IVA Northern Ireland today and we can go over your financial situation and see if an IVA is the right debt solution for you. IVA Northern Ireland will provide you with the best professional advice, provided by our expert debt advisors and qualified insolvency practitioners who can advise you on your debt options and what the best debt solution is for you.

An IVA will help put you back in control of your debt. In the IVA you will pay a single monthly payment that is both affordable for you and fair to your creditors. All charges and interest on your debt are frozen in an IVA, and the agreement is legally binding, so once your IVA is in place the debt is under your control.
In an IVA you will be protected from court action by your creditors, and you will no longer be at risk of losing assets such as your home. Unlike some other debt solutions, an IVA is a private so it is used by many people without affecting their career.

Some of the Benefits of an IVA are...

	1 easily affordable monthly payment based on your income and expenses
	Unlike some of our competitors, we do not charge any Upfront Fees, saving you £100s
	An IVA offers you protection from creditors
	Creditor pressure stopped as creditors must deal with us
	Can be complete in as little as 1 year if you can offer a lump sum payment
	All interest frozen immediately
	Suitable for tenants or homeowners, individuals or couples, and even business owners
	We can setup an IVA in as little as 4 weeks

Some of the Disadvantages of an IVA are...

	If you are a homeowner with equity in your property you may be required to introduce part of your share of this equity in the final year of the arrangement. A remortgage may be restricted and on less favourable terms. If you can’t get a remortgage your arrangement can be extended for up to another year.
	If your circumstances change, and your insolvency practitioner can’t get creditors to accept amended terms, the IVA is likely to fail. You will still owe your creditors the full amount of what you owed them at the start, less whatever has been paid to them under your IVA.
	If your IVA fails, your creditors may request that you be made bankrupt. This will always be discussed before your arrangement commences.
	Your credit rating may be impacted for up to six years from the commencement of your IVA.

NOTE: In an IVA you will have an agreed budget for your living costs. There are allowances for this in the agreement. These expenses will be mostly based in what you currently have to pay out each month. You should declare all normal monthly expenses to your creditors so they understand your situation more clearly. There may be some restriction on some expenditure items, such as mobile phone for example.

In the UK, consumer credit activities are covered by the Institute of Chartered Accountants in Scotland, Group Licence number G/900011
Complaints Procedure | Insolvency Service Debt Guide | Fees

ivanorthernireland.co.uk is owned by McCambridge Duffy, who provide free debt advice on a variety of debt solutions. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any service or debt repayment plan. In the IVA our fees are included in your monthly payment to your creditors so you will not have to pay anymore than you can afford. More suitable debt solutions may be offered which may result in different fees applying and we will discuss those with you during your initial consultation. Read further information. Creditors may still contact you with promotional material or to fulfil contractual obligations to you but they should deal with us in all aspects relating to the outstanding debts.

Acceptance of your IVA cannot be guaranteed but we will do our best. You must meet certain criteria which will be discussed with our advisors. Where we put a client forward for an IVA we believe they have an excellent chance of being accepted. Debts will only be written off where a client has made an agreed payment for a fixed period. In return the creditors agree to write off the remaining balance. Typically, our clients average debt write off is between 60-70% of the debt. What debt you have written off will depend on your individual circumstances and is subject to creditor approval and completion of the IVA. Your credit rating may be impacted for up to six years from the commencement of you IVA. Homeowners may be required to introduce equity if available.

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IVA Benefits

What are the Benefits of an IVA?

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