IVA in Scotland

An IVA is only available in England, Wales and Northern Ireland, and is not only available to Scottish residents. Scottish legislation offers a similar alternative which is known as a Protected Trust Deed.

Whats the Difference between a Trust Deed and an IVA? 

Both a Trust Deed and an IVA are legally binding contracts with your creditors, and are suitable for insolvent debtors who wish to avoid bankruptcy.

However there are differences between the two; a Trust Deed lasts for an average of 36 months whereas an IVA lasts for an average of 60 months. But both of these agreements allow any remaining debt to be written off at the end of the term. 

For more information, please see our Trust Deed Page or contact AllClear Finance today on 0808 131 0038.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)