This article will outline how to apply for an IVA online. If you are reading this blog, it likely means you’re interested in getting an IVA – so let’s first discuss what this debt solution is and how it works.
How to Apply for an IVA Online: A Guide
You should discuss any debt solution with a qualified debt adviser. An IVA doesn’t necessarily fix money problems for everyone as all circumstances are different. There are several options available, ranging from payment plans with creditors, to bankruptcy. Therefore, getting debt advice from a professional is crucial.
What is an IVA?
An IVA, or Individual Voluntary Arrangement, is a mechanism that allows you to “freeze” your debt and agree to pay your creditors back over a certain period of time. Any money you owe thereafter is then written off.
Anyone can apply for an IVA if they can agree to pay as much as they can towards a debt. This doesn’t mean you are chased for the full amount. To be approved you will need to have regular income – this is because IVA periods usually cover 60 to 72 months, or between five to six years. A lump sum payment can also be used for an IVA.
The IVA will be set up by professional Insolvency Practitioner (IP) who will work with you by going through your finances, engaging with your creditors and getting approval for your IVA repayment plan.
You should note that an IVA is a legal agreement and as such, breaking it can have drastic consequences for both you and your credit rating in the long-term. It should also be noted that, depending on your circumstances, sometimes creditors can disagree with your plan and can walk away. But, once both sides sign this agreement, neither side can back out. This is why we would recommend getting advice to make sure this pathway is the right one for you.
What Debts Can IVA Debt Help Support?
You can use an IVA to pay off the following types of debt:
- Personal unsecured loans
- Credit cards
- Council tax arrears
- Overdraft debt
- Store card debt
- Hire purchase debt (if you don’t have the asset anymore)
- Catalogue debt
- Mortgage debt (if you have sold a property and still owe money)
- Tax debts
However, there are some kinds of debt that you can’t repay with an IVA. This includes student loan repayments, court fines, car financing and child support debt, among many others.
How to Make an IVA Online Application with Angel Advance
When you set up an IVA online with Angel Advance and our Insolvency Practitioner, you will need to pay a fee to the IP working on your case. This will be taken from your monthly payments once the IVA has been agreed.
If you’re struggling to deal with your debt, or you’re interested in applying for an IVA online, why not get in touch with our friendly and experienced debt advisers who can help you today? If you’d like to do your own research, our website is full of useful information that can help you make sense of the IVA process, what’s involved, and how it can help turn your financial affairs around – helping you start a new future.
Alternatively, you can use our online debt advice tool here to receive confidential debt advice at any time, day or night. Our free* and easy-to-use online tool will help you weigh up the solutions available to you, by showing them on-screen instantly. If you have any questions, please don’t hesitate to get in touch with us.
*Our advice is free, but if you sign up for a debt solution, a fee will apply for some solutions.
