IVA's were first launched and approved by parliament in 1986 to help people that were struggling with an alternative to going bankrupt, making it easier for people to meet their living expenses on a priority basis and then taking care of their debt repayments. An IVA stands for, Individual Voluntary Arrangement.
IVA's are now the most popular formal solution to clear debt. They are designed to make repayments more manageable and affordable. These schemes must be set up by a registered Insolvency Practitioner (IP) who will split your payments on pro rata basis between your lenders.
The arrangement is put together to prevent any additional interest and charges being added to your existing debt, meaning lenders can't change their mind! An IVA will normally last 60 months, and during this period you will be expected to make one affordable payment each month towards your debt. At the end of 5 years any debt that remains will be legally written off!
To ensure what you qualify for, please fill in the form above.
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Here is an example of how we could make your debts more affordable
Let’s say you owe:
Total Owed: £13,000
Approx Current Monthly Payments: £475
NEW MONTHLY PAYMENTS: £150
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Disclaimer: Please see below a couple of reveiws which could vary from person to person, based on the indivdual's financial situation.
"Great. The best thing I ever did, you think it's too good to be true but hey it's so out there. I was paying a thousand pounds a month, now I am paying, wait for it. Two hundred. Yes it's true. Go for it!" Patricia Howell
"So simple, I had worried myself sick about my bills! One phone call is all it took to start things rolling. It was easy, just be honest by telling them everything and it gets sorted for you" Alistair Molyneux
Find out more about managing your money by speaking to The Money Advice Service an independent service set up to help people: Money Advice Service
Terms and Conditions.
Changing Steps UK is a trading name of KAR7 Limited | Registered in England and Wales, Number: 08842648 | Data Protection Act Registration Number: ZA037480 | Address: 11-17 Fowler Road, Hainault Business Park, Ilford, Essex, IG6 3UJ
Michael Howorth is authorised by the Insolvency Practitioners Association to act as a Licensed Insolvency Practitioner. IP Number 9135
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KAR 7: specialise in providing and administering Individual Voluntary Arrangement (“IVA”) solutions to individuals based in England, Wales and Northern Ireland. We do not administer Debt Management Plans, Debt Relief Orders, or any other debt solutions.
We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for an IVA, therefore, all advice is given in reasonable contemplation of an insolvency appointment.
To qualify for debt write off in an IVA with KAR 7, you must have a minimum of £6000 of qualifying unsecured debt owed to two or more creditors. A debt write off amount of between 25% and 75% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.