An IVA, or Individual Voluntary Agreement, is a legal agreement between an individual and their creditors, which enables them to pay back their unsecured debts over an agreed period. The number of IVAs being registered in the UK has been increasing over the years, with 81,199 IVAs registered in England and Wales in 2021, the highest number in the time series going back to 1990.
While it is encouraging to see the number of IVAs increasing, it is essential to recognize the long-term implications they can have on personal finances. Historically, lenders have been reluctant to lend to anyone who has had an IVA, with most waiting at least three years after discharge before being willing to lend. This can be problematic for individuals who need to obtain a mortgage or other loans after going through an IVA.
However, there is support available for individuals who are going through or have completed an IVA. The IVA Forum is a new online community that provides a safe space for people to share their experiences, seek support, and celebrate successes. It offers a wealth of information on what to expect during an IVA and how to manage finances after discharge. It is a great place to find out about things like mortgages and insurance after an IVA.
The IVA Forum is run by individuals who are, or have been, in an IVA and who share their experiences and thoughts with others. They also provide input from specialists in the industry to help individuals make informed decisions about their finances. The forum is a safe space, and personal details are kept anonymous and not published online.
IVAs can be an effective way for individuals to manage their unsecured debts, but it is crucial to consider the long-term implications on personal finances. The IVA Forum provides an excellent platform for individuals to seek support and advice and to learn from others' experiences. However, it is always advisable to seek professional advice before taking any action to resolve debt. The IVA Forum - The IVA Forum is a trading name of IVA Mortgage Expert Ltd