IVA’s and the Government

Individual Voluntary Arrangement government

“IVA Gov” is a popular search term because many want to discover whether IVA Gov’s are an official executive solution, as anything that involves a write off fifty percent or more of your debt can sound too good to be true.

The reality is, IVA’s were introduced by the government in 1986 and now form one of the 4 main debt solutions that people use when faced with the issue of solving heavy debts and returning life back to money normality. If you’ve got an IVA prepared, it is not truly a Government IVA as the Individual Voluntary Arrangement is managed by an IVA company not a central authority dept.
However, make no mistake, an IVA is an official solution that involves IVA corporations, and bankruptcy Practitioners and once set-up is legally binding.

Who can use an IVA?

To to eligible for an IVA you typically need to have debts of over £15,000, with the average debt being nearer to the £40,000 level. You’ll also need to owe more than 3 creditors money and be in full time work or have a partner working. To discover whether you’re likely to be accepted for an IVA try our IVA calculator.

Signing up for an IVA

If you sign up for an IVA, make sure you use a company offering a free IVA. To help we have reviewed most of the best IVA companies in the United Kingdom and their comparison is part of the recommendation service that’s accessed through our IVA calculator. Try it and see whether an IVA is the best answer for you and which company we’d recommend you use for your IVA.