An Individual Voluntary Arrangement, or IVA, will allow you to repay what you can realistically afford to your creditors, lowering your monthly payments, freezing your interest rates and ending the stress and collection activity from your creditors. IVAs typically last five years and at the end of that term your debts will be cleared without bankruptcy or any other legal action.
An IVA is a legally binding agreement between you and your creditors, and as such offers more protections than other debt solutions such as a Debt Management Plan. Unlike bankruptcy, if you own a home, you will not be forced to sell your house or put other personal property at risk after entering into an IVA.
Five Reasons You Should Choose An IVA
Bankruptcy is a matter of public record and notifications of bankruptcies are published in newspapers. An IVA is an arrangement between you and your creditors, no one else needs to know.
In bankruptcy you may be forced to sell your home and move house. You will be able to keep your home in an IVA.
With many people's professions, if you go bankrupt you lose your job. But people from any profession can enter into an IVA.
An IVA will end collection calls, halt CCJs and stop bailiffs from visiting your home. Basically, after entering into an IVA the burden of dealing with your debts is removed.
An IVA will disappear from your credit record one year after completion and you may not have to disclose the fact that you've entered into an IVA when applying for future credit. If you go bankrupt you will always have to inform future creditors of your bankruptcy for the rest of your life.
What The Insolvency Service Says About IVAs
"IVAs are a flexible and effective means of dealing with debt. For debtors they provide protection from creditors, debt forgiveness, flexibility in terms of what assets are included, and none of the restrictions, which apply in bankruptcy. For creditors they provide a better return than could be obtained in bankruptcy.
IVAs allow debtors to repay their creditors that which they can reasonably afford and resolve their financial problems, and are supervised by licensed and regulated insolvency professionals.
The principal statutory alternative to an IVA is bankruptcy. Bankruptcy should always be the last resort as the debtor will lose control of their assets and will be subject to bankruptcy restrictions, potentially up to 15 years."
- The Insolvency Service
Why Should You Choose The Myvesta IVA?
At Myvesta, our IVA sets the industry standard as we provide additional services and assurances that provide our clients with the best possible IVA service. Since we are not a team of Insolvency Practitioners who ultimately represent your creditors after the IVA begins, we always represent our clients and ensure their IVAs are implemented according to our strict standards.
Myvesta IVA Benefits Include:
- We always represent our clients' best interests
- Complete debt repayment in five years
- Immediate creditor contact and intervention
- Utility bill savings
- PrePaid MasterCard
MasterCard Prepaid Card
The Myvesta cashplus Gold prepaid MasterCard is the easy way to make card purchases for life's necessities while you are repaying your debt. You can use it to pay for whatever you want, like groceries, petrol, booking holidays and shopping online. It is accepted worldwide wherever you see the MasterCard brand mark. Getting a payment card has never been easier, with no credit check and no need for a bank account; this is the everyday prepaid card that lets you stay in control. As a Myvesta IVA client you will have the option of receiving a Cashplus card (£9.95 activation charge and £4.95 per month) or you can apply for it directly on our web site.
FREE Benefits Entitlement Check
As a Myvesta IVA client you will also receive a free benefits entitlement check to see if you are eligible for additional government benefits or income that you are not currently receiving. This additional income can make a significant difference and will be a welcome relief. If you are eligible for additional benefits, Myvesta's benefits partner, the Eaga Group, will assist you at no charge to begin to receive those benefits.
Get Started Now, Get Out of Debt
You can enrol in the Myvesta IVA instantly by clicking on the button below. For more information on the Myvesta IVA call us free on 0800 1116 885 or fill out the easy online form below.
IVA Quick Assistance Form
If you have questions about the Myvesta IVA or would like more information please fill out the form below.
