Individual Voluntary Arrangement
Individual Voluntary Arrangement
An IVA is a legally binding debt solution which allows you to write off unaffordable unsecured debts. During the arrangement, creditors can take no further action and your interest is frozen. You make one affordable monthly repayment over a term which is typically 5-6 years. Once the IVA is complete, any outstanding debts are written off. If you are living in England, NI or Wales, you may be eligible for this help.

Are you eligible?
Are you eligible?
Benefits
- 1 affordable monthly repayment
- Interest and charges are frozen by law
- Write off unaffordable unsecured debts
- Stops harassing phone calls and letters from creditors
- You may get a payment break if your circumstances change
- Avoid going bankrupt
- Protects your assets
- No upfront fees
Considerations
- Secured debts can’t be included
- Details are placed on the Insolvency Register
- Shows on credit file for 6 years which affects your credit rating
- There are restrictions on your expenditure during the arrangement
- Homeowners may need to remortgage in the final year
- 75% of creditors need to vote in favour of the arrangement
- Missing payments can result in the IVA failing
- If your IVA fails, creditors may start bankruptcy proceedings
Find out if you qualify
Leave an enquiry on our website and one of our experienced specialists will give you a callback. They will work with you to create a budget that is affordable and sustainable for you based on a nationally recognised budgeting tool. Once this step is complete, they will give you a balanced overview of the debt solutions available. There is no fee for these initial calls, but if you do decide to proceed with an IVA there are fees that are built into your affordable monthly payment. These will be discussed with you in full before you proceed with the application.
- Credit cards
- Store cards
- Personal loans
- Payday loans
- Overdrafts
- HMRC debts
- HP shortfalls
- Rent Arrears
- Gas and electricity arrears
- Council tax arrears
- Debt to family and friends
- Mortgage
- Secured loan
- Court fines
- Student loans
- Child support arrears
- Social fund loans
- Fraudulent debts
- TV License arrears