IVA

Individual Voluntary Arrangements

For further information on individual voluntary arrangements click on the following links:

If your debts are spiralling out of control, and you are considering bankruptcy as the only option, think again!

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Is it Expensive

One of the similarities that IVA’s share with Debt Management Plans is that you only pay back what you can afford. This is because monthly repayments are based on your disposable income. However, because up to 75% of your debts can be written off with an IVA, you could end up repaying less overall than you would with a DMP.

IVAs in some cases can be cheaper to set up than Bankruptcy because in order to become bankrupt you have to pay a fee which totals £750 if you are in employment. Additionally, with bankruptcy you risk losing your home, your business and other assets so with an IVA this could protect your assets.

Give us 5 minutes and we'll give you:

  • Advice on all debt solutions that you may apply for
  • If your debt can be written off
  • Explain any interest or charges that can be frozen
  • Honest, no obligation advice

Some solutions, such as a Debt Management Plan or an Individual Voluntary Arrangement involve costs when the plan is set up.  These costs are there to cover the expenses and work undertaken on your behalf.  You will always be told clearly about any costs upfront.  Other solutions, such as a Bankruptcy incur costs which are payable to the Court; Debt Relief Orders incur costs which are payable to the Insolvency service.

Debt Direct is a trading name of Tatstar Limited. Tatstar holds a consumer credit license to offer debt counseling. Your enquiry will be passed to a selected third party who will contact you to discuss the most appropriate solution for your circumstances.