Can you get an IVA during the current national crisis?

As we have endured an epidemic within the UK & we understand at Find a Debt Expert that financial strain can only add more pressure to already challenging times.

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Yes! Is the simple answer.

Covid-19 had swept through the UK & resulted in a UK lockdown imposed on 23rd March this year, which resulted to changes & uncertainty around income for many for the foreseeable future.

An Individual Voluntary Arrangement (IVA) can offer various different benefits when struggling with debt, however it is important to receive specific debt advice from a specialist as the IVA can offer consequences should it not be right for you.

What if I have been furloughed by my employer?

Like many you may have received a furlough notification from your employer during the current Covid-19 pandemic & seeing your payslips have furlough pay after the UK government announced the job retention scheme that goes as far back as 1st March this year. You may be getting your normal pay or 80% depending on route employers’ route, if it was the latter this would cause a reduction on your income then in turn would cause financial strain had things been tight already.

Either way we can proceed to assist you with your debts whilst on Furlough, the main thing our advisors would like to see is confirmation from your employer that your job is secure for the end of the lockdown to ensure you are receiving advice with future planning involved. If you enter an IVA, you may be able to look at step payment to ensure your payments are affordable until full pay is resumed.

What if I am Self Employed?

Entering an IVA with Find a Debt Expert will always include specific advice to you & we will always take in your current situation & use future planning to make any plan achievable. If you are lucky enough not to be effected by Covid-19’s current economic downturn & your income is as normal as before then of course it will be easier to have an IVA in place, if you self-employed & have applied for Universal Credit as your income has been effected then it is possible to receive an IVA, we just want to be sure it is a plan to suit.

If you are currently receiving Universal Credit it may be best to have ready as must income history you can for the last three years such as tax returns to show roughly what you would expect your income to return to after the new normal is in place.

We always offer free advice via the telephone at Find a Debt Expert so should you have any questions please get in touch.


See if you qualify here

Find a Debt Expert is a trading style of Milton & Stirling Ltd, Company Number SC587851 – Solutions Scotland, 78a Stanley Street, Glasgow, G41 1JH. DPA number ZA431921

Milton & Stirling Ltd are an Appointed Representative of MichaelAlan Ltd who are authorised & regulated by the Financial Conduct Authority, FRN 690939.

As part of our free service, we’ll review your financial situation, explain the available options and recommend a debt solution which is suitable for you. The risks of all suitable solutions will be explained clearly and if you decide to go ahead with a debt solution we will refer you to one of our trusted providers who specialise in the management of that debt solution. We’ll be paid for introducing you or for the preparatory work we do, depending on your debt solution fees may be payable if ongoing services are provided. Read about fees and key information in our terms & conditions. To find out more about managing your money and getting free debt advice, visit Money Advice Service , an independent service set up to help people manage their money.

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