Apply for an IVA

How to get an Individual Voluntary Arrangement and clear your debts

If you have significant debt problems and you are struggling to keep up with your repayments then you may be eligible to apply for an IVA (Individual Voluntary Arrangement).

IVAs are one of the most popular solutions to personal debt problems used in the UK. In 2012 alone over 50,000 people began an IVA and took their first steps to becoming free from debt. 

With an IVA you can clear your debts in a fixed period of time and have up to 80% of your debts written off. Entering into an Individual Voluntary Arrangement can help you to avoid bankruptcy and stop legal action from your creditors. It can therefore be a good option for many people in debt.

To find out if an IVA is right for you try our Quick Debt Solution Finder on the right hand side of this page. Alternatively for immediate advice call us now on free phone 0800 028 4422.

Applying for an IVA - do you qualify?

The qualification criteria for entering into an Individual Voluntary Arrangement is quite strict. Before applying for an IVA you should ask yourself these basic qualifying questions. Do you...

  • Have combined debts of at least £10,000? (in some cases a lower amount will be considered)
  • Owe money to more than one creditor?
  • Receive a regular income?
  • Struggle to make your current debt repayments? 

If you can answer yes to each of the above questions then an IVA can be an option for you. If you do not qualify then an alternative such as a Debt Management Plan may be more appropriate.

How much will it cost?

IVAs are designed to solve your debt problems, not increase the amount of money you owe. As such there are no upfront fees for you to pay. Instead the fees charged by your Insolvency Practitioner are taken directly from your monthly repayments.

When setting up your IVA the amount you pay each month will be decided between yourself and your IP, according to how much you can realistically afford. When the proposal is put to your creditors they are actually voting whether to accept this amount minus the Insolvency Practitioner's fees.

A few things to consider -

1) Unsure if an IVA is right for you? Read our guide to the advantages and disadvantages of using an IVA to solve your debt problems.

2) For a quick assessment of whether an IVA is the best option for you use our Online Debt Solution Finder at the top of this page.

3) Our advisors are on hand to provide immediate advice. Call 0800 028 4422 for a free no obligation financial review with one of our specialist debt counsellors.

Apply for an IVA with Royal Exchange

At Royal Exchange we can advise you on every stage of applying for an IVA. We deal with thousands of IVA applications each year and every application is treated in the strictest confidence.

Our highly qualified team will deal directly with each of your creditors from day one. Once we have established that an IVA is the best solution to your financial difficulties we will confirm everything in writing and commence preparation of your file.

When this research stage is complete our Insolvency Practitioners will draft a formal IVA proposal for the approval of your creditors. Once approved the Insolvency Practitioner will supervise the arrangement through to its completion.

To start your IVA application call us today on our free phone helpline 0800 028 4422. Alternatively complete the enquiry form and allow one of our debt counsellors to call you back.