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Individual Voluntary Arrangement (IVA) calculator

IVA calculator

If you’re struggling with unsecured debt and you’re looking into debt solutions like Individual Voluntary Arrangements, you may be unsure how much your monthly payments would be, which makes it difficult to work out whether an IVA is a suitable debt solution for you.

What is the total amount of your debt?
£10,000 or More
£6,000 - £10,000
£3,000 - £6,000
£0 - £3,000

Why are we asking this question?

When considering your debt level remember to include the following commonly missed debts: HMRC, rent arrears, bailiff enforcements and council tax.

Are you including any of the following commonly missed debts (HMRC,Rent arrears, Bailiff inforcements and council Tax, overdrafts and debts you're currently paying towards)?
No
Yes
What's your employment status?
Employed
Self-Employed
Zero Hour Contract
Retired
Unemployed

Why are we asking this question?

Telling us this allows us to ensure we offer support tailored to your circumstances.

How many people do you owe money to?
Less than 2
2 or more

Why are we asking this question?

Notifying of this will allow us to tailor our advice to ensure you receive individual support.

What type of property do you live in?
Owned
Rented
Private Rented
Living with Parents

Why are we asking this question?

Discussing your living arrangements is important to ensure we provide appropriate advice and allows us to work to ensure your property is not at risk.

Where do you live?
Scotland
England
Wales
Northern Ireland

Why are we asking this question?

Telling us your location allows us to offer information about the debt solutions and help available in your area.

Where did you hear about us?
TV
Radio
Word of Mouth
Social Media
Email
Billboard/Outdoor

Why are we asking this question?

Sharing this information allows us to keep track of how we reach the people we support and informs our future advertising to ensure we reach the those who need our help.

What is the IVA calculator?

An Individual Voluntary Arrangement is a debt solution that would allow you to repay what you owe through a series of monthly payments, and write off your unaffordable debts. First, though, you need to know whether you qualify for an IVA, and whether you can afford to maintain payments.

That’s where the Creditifx IVA calculator can help. First, it will look at your total unsecured debts and work out whether an IVA is the most suitable debt solution for you, or whether your debt amount means you would be better off exploring alternative insolvency solutions.

In addition, the IVA calculator will use the financial information you input to calculate roughly the level of monthly payment you would be looking at should you decide an IVA is the best solution for you, and whether you’re likely to have any remaining debt written off.

How does the IVA calculator work?

The IVA calculator works by taking details of your current financial situation, and using that data to work out whether you qualify for an IVA, as well as estimating the level of your monthly payment.

It’s a simple, 3-step process.

Step 1

Step 1

Input your personal information (Name, address, contact details)

Step 2

Step 2

Enter your financial details (Income including salary, pension, benefits, plus all monthly expenses)

Step 3

Step 3

Add details of your debts (Total unsecured debts, credit information, each creditor you owe money to)

Once you’ve added all your information, just click ‘Check if you qualify’. The IVA calculator will then come back with the size of your affordable monthly payments and let you know whether you could be in line for a debt write off if you use an IVA.

What are the benefits of using an IVA calculator?

With so many debt solutions available for varying levels of debt, it can be difficult to know which one is best for you. The Creditfix IVA calculator gives you clarity.

Understand whether you qualify for an IVA or not.
Different insolvency solutions have different criteria you have to meet in order to qualify.
Using the IVA calculator will allow you to determine whether your total debt level and disposable income make you eligible for an Individual Insolvency Arrangement.

Calculate the size of your IVA monthly payments.
Given an IVA locks you into a debt solution for a fixed period of time - usually five or six years depending on whether you're able to release equity from your home - it's important to know how much your monthly payments will be. The IVA calculator takes your total debt plus your income, and calculates the level of repayment that's right for you.

Decide whether an IVA is the best debt solution for you.
There are a range of debt solutions available to people having money problems. Each has different pros and cons, and deciding which is the most suitable one for you depends on your circumstances. You can't come to an informed decision until you have all the information. That's where the IVA calculator comes in.

How will an IVA help me with my unsecured debts?

As long as you fit the basic criteria, an IVA consolidates all of your debt payments into one affordable amount, and allows you to repay your debt while protecting you from legal action from your creditors.

When applying for the debt solution you will take part in an income and expenditure check. This allows the insolvency practitioner (IP) who administers Individual Voluntary Arrangements to determine how much you are capable of paying each month on top of all of your combined expenses.

If 75% of the people and companies you owe money to agree to the proposal by your IP you’ll then begin paying one payment towards your debt each month. This can make monthly bills more manageable and you can repay the debts you owe over a fixed period, after which your remaining debts will be written off.

How will I know if I qualify for a debt solution like an IVA?

An IVA could be the right debt solution for you, however to be eligible you must meet the following criteria:

  • Have £6,000 or more of unsecured debt
  • Owe money to two or more creditors
  • Live in England or Wales
  • Have a steady income and consistently be able to make at payment of at least £85 per month

I qualify for an Individual Voluntary Arrangement - What do I do next?

At Creditfix, we understand how easy it is to let debt take over your life. It’s difficult to know what direction to take, and you may be left wondering whether an IVA is a good idea for you.

As one of the UK’s leading debt solutions businesses, our professional team have extensive experience finding the right debt solution for people from all walks of life – no matter what financial situation you’re in.

Our expert advisers are well-equipped to give you impartial service and provide free debt counselling. You need to make a decision that’s best for your situation. free debt advice and no upfront fees, contact us today – our phone number is 0808 253 4082.