Can I Write Off Debt with an IVA?
You may have heard about IVAs (Individual Voluntary Arrangement) and how you could become debt free in as little as 60 months, but can you really write off debt with an IVA?
You may worry that having unaffordable debt means that bankruptcy is the only debt solution available to you, but this is not always the case. Many people find that they are eligible for an IVA which allows them to avoid bankruptcy and write off a percentage of their unaffordable debt.
How Can I Write Off Debt with an IVA?
An IVA allows you to repay as much of your unsecured debt as you can over a typical 60 month period, after which any unpaid debt can be written off. The payments which you need to make to your IVA are dependant on your own set of unique circumstances and will be at a level which is affordable to you.
An IVA offers a percentage of debt relief and also allows you to avoid some of the disadvantages of bankruptcy. For example, an IVA should mean that you will not lose your home, although you may have to release some equity.
Remember, your financial circumstances are unique to you and the only way to discover if you are suitable for an IVA is to get professional IVA advice. One Advice have a dedicated IVA team who can see if an IVA is your best option or whether you are more suited to an alternate debt solution.
For immediate IVA advice, please get in touch by filling out the Enquiry Form to the right and we will give you a callback to discuss whether you will be able to write off debt with an IVA.