IVAs remain a good way of dealing with debt problems for many people, thanks to standards of transparency and integrity set by StepChange Debt Charity.
We set up our own IVA company (StepChange Voluntary Arrangements, formerly CCCSVA) in 2007 to make sure that IVAs remain an effective way of helping people out of unmanageable debt.
Our figures show that creditors accepted 98.5 per cent of the IVAs we proposed (source StepChange Debt Charity internal statistics February 2015).
This high success rate demonstrates that StepChange Debt Charity offers only the most appropriate remedies to those who need debt advice.
Will an IVA suit me?
An IVA is a form of insolvency. An IVA is a legally binding arrangement between you and your creditors, where they agree to either a fixed affordable monthly payment over a fixed term (usually five years) or a lump sum settlement.
The proposal is your responsibility and as long as you keep to the arrangement, your unsecured creditors will not chase you for payments or add interest to what you owe.
Before deciding on an individual voluntary arrangement, make sure it’s the best option for you. An IVA should be carefully considered because of the possible consequences for your personal, professional and financial life. There are several things to consider.
Our online Debt Remedy tool will identify the best solution to your debt problem. Alternatively, you can ring our free Helpline on 0800 138 1111.