Individual Voluntary Arrangements in Northern Ireland | IVAs

At IVA Northern Ireland we provide Individual Voluntary Arrangements (IVAs) for people and businesses that are struggling with large amounts of debt and cant keep up with their debt repayments. When the debts get too for much people, they panic and let it get out of control. IVA Northern Ireland is here to offer you help and solutions to your debt problems.

An IVA is a legal agreement between you and your creditor(s) (the people that you owe money too). You agree to pay back the debt in fixed monthly installments over a period of usually 5 years, and they in turn write off a percentage of the debt so that you are not paying back the full amount that you owe. Once the IVA agreement is in place all charges and interest on your debts will be frozen and when you have completed the monthly payments the rest of the debt is written off and your debt is cleared leaving you debt free. See an example of how an IVA works below...

In order to set up an IVA an Insolvency Practitioner is required to set up and negotiate the IVA terms with the creditors. IVA Northern Ireland has 6 of our own Insolvency Practitioners in house so we are your one stop shop for IVAs. An IVA is a legally binding process and once you enter into one you will no longer be contacted or harassed by your creditors.

Each IVA is different. The terms of your IVA depends on your employment status, income, expenditure, amount of unsecured debts, number of creditors and how you spend your money generally. Your IVA repayments to the creditors are established by analysing all of these factors and coming to a legally binding agreement on the monthly repayments. There then is a meeting with each of the creditors to decided if they want to agree to the IVA and if more than 75% of them agree to the terms the IVA can begin, and you are on your way to paying of your debts and becoming free of debt.

Criteria for an IVA in Northern Ireland

If you live in Northern Ireland and are having Debt Problems you can apply for an IVA Iif you meet the following criteria.

You have personal unsecured debts over £15,000
You owe money to 2 or more creditors
You are in full time employment and have an income
You are struggling with your debts and cant keep up with monthly repayments

How do I Apply for an IVA?

If you think you are interested in an IVA you can apply for more information from IVA Northern Ireland either by calling us on 0800 043 3328 or fill out our Call Back Request Form and one of our expert debt advisors will call you ASAP.
We will need to find out about your circumstances; your debts, income, living costs etc and then we can then discuss the Debt Solutions that are available to you. If we think an IVA is the right solution for you then we can start working on your IVA application.
An IVA may not be the best solution for you but IVA Northern Ireland has other Debt Solutions that might suit you better.

IVA NI Testimonials

Mr & Mrs M: “Many thanks for your hard work at IVA NI, and your efforts on our behalf in helping us resolve this situation…..life feels like re-living again and this taught us both a valued lesson, not to get in debt ever.”

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IVA NI Case Studies

Case: Miss F Debt approx £22k
Client struggling to pay creditors £500 per month. She entered into an IVA in June 2006 and we reduced these monthly repayments to £250 per month. In 60 months she will be DEBT FREE

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* 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. 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.

Phonecalls: Calls from a landline are normally free. Please consult your provider if you are unsure. Calls from a mobile may be subject to charges. If you get charged just ask us to call you back for free.

In the UK, consumer credit activities are covered by the Institute of Chartered Accountants in Scotland, Group Licence number G/900011

Individual Voluntary Arrangements in Northern Ireland | IVAs

Criteria for an IVA in Northern Ireland

How do I Apply for an IVA?

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IVA NI Testimonials

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IVA NI Case Studies

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