Gathering the correct IVA information at the right time is vital if you are going to fully understand your options.
Understanding how each area of your personal circumstances might impact on an IVA will give you a clearer insight as to what you can expect from the IVA option.
So, to make your life easier, we've brought together the different elements of IVA information you'll need to help you figure out which IVA category you'll fall into and we've broken it down to give you a summary of each.
To help you focus on the IVA information most relevant to your circumstances, it is necessary to determine which of the different IVA types is the most suitable for you.
There are primarily 3 different factors that will determine how your IVA will work for you.
The personal circumstances surrounding each IVA application will have a major impact on the form that each IVA takes.
Each different scenario is unique but, nonetheless, for the sake of providing useful IVA information, it can still be broken down into different categories.
Here is a breakdown of the different categories that will help you to determine what type of IVA would best suit you.
An 'IVA for an individual' is designed to help people who are 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 wants to tackle their debts without the involvement of their partner.
A 'Couples IVA' is designed to assist any two people who live together and are trying to solve their debt problems as a team, with each other's financial support.
A 'Homeowners IVA' will be relevant to people who own, or part own their own home or any other property, including housing association shared ownerships or 'Buy to Let' properties. It would also include people who have a share in a parent's home too.
A 'Tenants IVA' will be most relevant to people who are renting their home, lodging a room or are living with their parents or a family member and they do not own or part own any property.
A 'Contributions based IVA' is the normal structure to the majority of IVA applications and is based on affordable IVA contributions being paid for 5 years.
A 'Full and Final Settlement IVA' is a less often used type of IVA, which consists of a single payment into the IVA to clear the debts in one fell swoop. Ideal for circumstances where a family member or friend is willing to offer their financial support.
Both have all the benefits of an IVA in every respect, and both are legally binding on creditors once they have been accepted by the necessary majority at the creditors meeting. However, they each take a significantly different approach in dealing with your debts.
In any event, if you cannot find the information on IVA's you are looking for, why not call our IVA helpline on 0800 856 8569 and talk to an IVA expert. They'll help you understand which type of IVA category you fall into and will be delighted to provide the IVA information you are looking for.