An IVA is one of the individual debt solutions we offer here at Angel Advance, but how do you apply for an IVA?
Read on to learn more about what an IVA is, how long it takes, how much it costs and how to apply for one with Angel Advance.
What Is An IVA?
An IVA is an Individual Voluntary Arrangement. This is an individual debt solution that allows you to ‘freeze’ your debt (a form of insolvency) and agree to pay back the maximum you can afford over a specific period, usually 5-6 years. Any money you owe after this period is written off.
This agreement is legally binding between you and your unsecured creditors, which must be arranged and supervised by a licensed Insolvency Practitioner (IP). Angel Advance will work with you to calculate the amount you can afford to pay each month and assess whether you have any other assets to offer to your creditors to enhance the agreement, e.g. from the sale of an asset, a remortgage or savings.
How Do I Apply For An IVA?
The first step to applying for an IVA with Angel Advance is using our free, online debt advice tool to check if you qualify.
Once you’ve completed your enquiry via our tool, you’ll get your debt advice recommendations on-screen instantly. If the tool advises an IVA, you can apply online, or you can save your progress and come back later if you need more time to think.
Once you have completed your application online one of our debt advisors will review your application. As part of this process, you will need to provide supporting documentation so we can confirm that an IVA is the right solution for you. We’ll need evidence of each of your debts, your monthly income, and expenditures, including details of any assets you own that have monetary value. This could be a car, a house, or a lump sum of money or inheritance that you are expecting soon. We require a clear summary of your financial situation for your creditors. Once we have assessed this information, we will confirm whether an IVA is the right option for you.
Completing the application section involves you providing your full name, telephone number, 3 years of address history and your email address. Once you have completed your application, one of our experienced debt advisors will contact you to talk you through the next steps.
If you would prefer to get debt advice in a different way, you can also book a telephone appointment at a time that suits you, email us or chat with our friendly and experienced debt advisers via Whatsapp.
Please get in touch if you ever need help understanding the information you have been given.
Can I Get IVA Debt Advice Online?
Our free and easy-to-use tool allows you to get debt advice completely online. All you need to provide is your email address, so you can save your progress and we can email you a copy of your advice.
For more information on what our free, online debt advice tool provides, as well as further details on IVAs, click here.
How Long Does An IVA Take?
The set-up process typically takes just under 6 weeks to complete.
An IVA will usually last for 5-6 years, although it can be extended if you miss payments or you have an agreed payment break within the terms of your IVA.
How Much Does An IVA Cost?
The fees for an IVA are agreed by your creditors, and are then taken out of the money paid into the arrangement once it has been approved.
However, IVA companies may charge different fees, which is why it’s important to understand these fees before you go ahead with this debt solution.
Free, Confidential Debt Advice
Get free* confidential debt advice today. Contact us to speak to one of our professionals about how to deal with your debt, who can help you decide on the best debt solution for you.
If all you need is some debt advice, there is no need to worry – there is no risk to receiving debt advice, as this won’t affect your credit score. The Online Debt Advice service is available any time, day or night, to help you in any way they can.
If you’d prefer to go online, our easy-to-use, online tool can also help you weigh up the debt solutions available to you and give you the best recommendations for your unique situation on-screen, instantly.
*Our advice is free, but if you sign up for a debt solution, a fee will apply for some solutions.
