Can I get an IVA if I live abroad?

21 May2021

You can get an IVA (Individual Voluntary Arrangement) if you live abroad, as long as you've lived in Britain within the last three years and your debt was incurred there.

Why should I get an IVA if I live abroad?

An IVA is a legally-binding agreement with your lenders. It allows you to make smaller, more manageable payments towards your unsecured debts each month if you are unable to keep up with your existing arrangements and aren't able to repay everything you owe within a reasonable timeframe. You will be protected against legal action from your lenders. After five years, any remaining unsecured debt is written off.

An IVA may be the best way to clear your UK debts. This will mean that, if you ever return to the UK, you may be able to start with a clean slate. Arrangements can usually be made over the phone or online.

Click here if you'd like to know about IVAs in more detail.

What is there to think about?

When deciding how much you can pay towards your unsecured debts each month, remember to factor in any exchange rate costs and fluctuations, as this could affect how much actually leaves your account each month.

There are also disadvantages to an IVA. For example, it will negatively affect your UK credit rating for six years. This may not affect you if you live in another country, but it would if you returned to the UK during this time. You may wish to remain in your new country until your credit rating has improved in the UK.

If you have lived outside the UK for more than three years, or you think that an IVA may not be right for you, you may want to consider a debt management plan.

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Tags: IVA, Individual Voluntary Arrangement, debt, debt advice, unsecured debt, insolvency, credit rating, living abroad, debt management, debt management plans

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