Apply online - Ashley Park: IVA
IVA's - The Process
As with our Debt Management Plan, an IVA is easy to set-up and our friendly and helpful staff can get you started to becoming debt free in just a few simple steps.
- When applying for an IVA with Ashley Park, you will be first put through to one of our trained financial Solutions Advisors who will take full details of your financial situation including all income and expenditure. At Ashley Park we adopt a best advice policy and as a result will always offer the product most suitable for your needs, this may not necessarily be an IVA.
- On recommendation of the IVA, the advisor will proceed to calculate a reduced affordable monthly payment which can be paid to all your creditors. After obtaining your agreement to this new monthly payment the advisor will forward all the documentation for signature and set up an agreed payment date for the initial administration fee.
- After we receive the signed documentation back we will pass your file to our in house IVA Team who work for our sister company, Express Debt Solutions. A trained IVA administrator will then assess your application further and will contact you to request any missing information and explain the process in more detail.
- After all the information / documentation has been collected then we will propose details of the IVA to each of your creditors and negotiate the reduced monthly payment with them. Most of the IVA’s we propose to creditors are accepted, in fact we have a very good
Success rate and will only propose an IVA where we are confident it will be accepted by your creditors. 75% of your creditors only need to agree with the proposal. - You can cancel your proposed IVA at any point before or after your proposal is sent to your creditors and you will only incur our initial administration fee.
- After your IVA proposal has been accepted by your creditors then a payment schedule will be set up, usually standing order, and your payments into the IVA will commence.
- IVA’s usually last for 5 years and during this time our in house Insolvency Practitioner we will be constantly reviewing and managing your IVA to ensure you can comfortably afford the payments and to provide any assistance should your circumstances change.
APPLY ONLINE NOW or CALL 0800 043 3535
Considerations when applying
subject to eligibility and acceptance with fees payable. Telephone calls may be recorded for training purposes..
Debt Write off only applies where an IVA is suitable and on completion, alternative solutions may be offered.
IVA’s have a significant effect on a credit record in the short and medium term. Even after the IVA is completed it may affect your ability to apply for mortgages or other forms of credit, however a proven track record of payments into an IVA is looked on favourably by some lenders.
Homeowners may also be required to release equity in their property in the 4th year of the IVA.
