How To Apply For An Individual Voluntary Arrangement

Signing up to a debt solution is a significant event in your life, so it is important to gather as much information as possible, so you can make an informed decision as applying for an IVA is not your only option.
ALTRINCHAM, U.K. - Feb. 14, 2023 - PRLog -- How To Apply For An IVA

The process of applying for an Individual Voluntary Arrangement (IVA) is very straightforward. You'll be given advice and support throughout the process by a professional called an Insolvency Practitioner or IP. They will help you put together a proposal for your creditors to accept. This will be based on your financial information, assets, spare monthly income and who you owe money to.

Creditors usually agree to an IVA if they are given reasonable financial support and can see that you have a long-term source of income that will allow you to pay something back each month. This could include a personal pension, savings or any income that you receive from a family member or employer.

How Your Details Are Recorded

The details of your IVA are recorded on your credit report for six years, and can be damaging if they're not cleared up. During the IVA you'll be unable to obtain further credit and your score will be significantly affected, so it's best to get the arrangements in place as soon as possible.

Your Bank Account

It's important to open a new bank account before the IVA is set up, and to ensure that you can keep making payments towards your debts, you should switch to a basic bank account. If you choose to use your current account during the IVA, your creditors may freeze it or offset any funds that you transfer into the account towards your IVA debts.

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Alex Scott
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