You'll need to understand the principles behind an IVA and how an IVA works before you can be sure it's the right option for you.
As you know, an IVA is based on an applicant's personal circumstances so, if you really want to know how an IVA will impact you, you'll need to have a consultation with one of our advisers.
But, in the meantime, we thought you'd find it useful to read about some of the most often recurring types of IVA that we come across.
It might be that your IVA would fall into one of these categories.
Getting The Right Information
What type of IVA will you be?
Answer the following 3 questions to accurately reflect your circumstances and we'll provide the information on how your particular IVA might look.
Personal Circumstances make a difference
As we've shown, your personal circumstances will have a significant impact on how your IVA will shape up.
Here's a breakdown of the factors that generally have the largest impact upon any IVA applications.
Are you a Single or Joint IVA?
An 'IVA for an individual' helps someone trying to solve their debt problem on their own, without the assistance of another person.
This could be a single person or it could be a person in a relationship who prefers to tackle their debts without the involvement of their partner.
An 'Interlocking IVA' assists any two people who live together that are trying to solve their debt problems together, as a team.
These IVAs are mutually reliant, meaning they require each other's financial support, where one IVA wouldn't work without the other.
Are you a Homeowner or Renting?
A 'Homeowner IVA' is applicable to people who own, or part own, their home or any other property.
This includes shared ownership schemes, as well as people with 'buy to let' portfolios. It would also include people who own a share in their parent's home, too.
A 'Tenant's IVA' helps people who are renting their home, lodging a room or are living with their family.
To qualify for this type of IVA the applicant must not own any property at all, including property that they might be renting out.
Fixed Term or Full and Final Settlement?
A 'Contributions based IVA' represents the majority of IVA applications and is based on affordable IVA contributions being paid for a fixed term of, normally, 5 years.
A 'Full and Final Settlement IVA' is less common. It consists of a single payment used to clear the debts in one fell swoop.
The Full and Final settlement IVA is an ideal option when a family member, or friend, can provide financial assistance through the offer of a 'lump sum' payment.
Who Does What In The Process
If you would like to have a chat about your situation, why not call our IVA helpline on 0800 856 8569 or complete the form below.