IVA calculator and examples
An IVA could write off unaffordable debt and put your life back on track. Bennett Jones Specialises in IVAs
✓ Write off unaffordable debt*
✓ One monthly repayment
✓ Only pay what you can afford
An IVA may not be suitable in all circumstances. Fees apply. Entering into an IVA will affect your credit rating. You could write off up to 80% of your debts upon successful completion of an IVA.(10% of our customers wrote off 80% in the last 12 months, with a typical figure of 25%-75%).
Check if you are eligible for an IVA
Bennett Jones is here to help you regain control of your finances. We’ve helped thousands of customers become debt-free by using an IVA. Complete the form above to get no-obligation debt help from our trusted partner, The Debt Advisor Ltd.
Our relationship with The Debt Advisor
The Debt Advisor and Bennett Jones have common Shareholders. The Debt Advisor Ltd is authorised and regulated by the Financial Conduct Authority to provide debt counselling and debt adjusting services to people who are experiencing financial difficulties. The Debt Advisor Ltd will advise you regarding all of the solutions which are available to help you. There is no charge for initial advice relating to the debt solutions available to you and is without obligation. Depending upon the solution that you choose, fees may apply.
If you are living in rented accommodation your IVA will typically last for 5 years. If you are a home owner and there is ‘equity’ in your house i.e. if the house was sold today there is likely to be a surplus remaining for you after the repayment of the mortgage and costs of sale then your creditors will expect you to try and realise some of this equity in addition to paying income contributions. If it is too expensive or not possible for you to obtain a remortgage to realise equity you will expect to pay 12 additional income contributions meaning that you will pay 72 contributions in total. Use the calculator below to see how your IVA contributions will be used to pay something to your creditors after the costs of the IVA have been paid. It is important to remember that although your creditors may only receive a small amount of the debt which you owe to them you will nevertheless be completely debt-free at the end of your IVA.
The debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors. The example provided of 80% has been achieved by 10% of our customers in the last 12 months