Single - Non Homeowner - Fixed Term IVA
This is the most probably the most common of all the types of IVA out there.
As it would suggest, this type of IVA is specifically designed to help people who are experiencing trouble repaying their unsecured debts and who are considering entering into an IVA on their own, with no other person being party to the IVA.
It does not mean that all the debts included need to be in the sole name of the applicant though, as joint debts can be included. If a joint debt is included, the IVA will only deal with the liability of the IVA applicant and will not assist the jointly named party. So, unfortunately, they would need to approach the creditor in question to deal with their own personal liability.
People falling into this category also would be living in rented accommodation, lodging, house sharing or living with their parents. This, actually, simplifies the terms of the IVA, as there will be no need to consider the introduction of equity as part of the arrangement. Instead, the IVA will be evaluated solely on the return it generates purely from the money paid through the IVA's monthly contributions over the term.
In this type of IVA the applicant will make contributions for a fixed term of 5 years and, once the fixed term has come to an end, the IVA will be considered successfully completed.
Summary:
This type of an IVA Will consist of 5 years of affordable repayments and will deal with the sole applicant's unsecured debts. At the end of the IVA's fixed 5 year term, any remaining balances from the original debt not repaid by the IVA will be legally written off and the applicant will be completely debt free.
To discuss this type of IVA in more detail with one of our IVA consultants simply call 0800 856 8569
If you simply want to have a chat about your options, or would like to ask a question about your solution. We invite you to call us at a time that suits you on.
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If this type of IVA is not what you were look for, answer the 3 simple questions below to find the type of IVA that would suit you.
An IVA can help a single person or two people sharing joint living costs deal with their debts.
Which type would be suitable for you?
