It's important to know there's a range of solutions out there

IVA
IVA

Individual Voluntary Arrangements, or IVAs, were introduced by the Government to help people who can’t afford to repay all of their debts. Under an IVA, up to 80% of your debt could be written off and your Creditors are not allowed to add interest or charges.

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Debt Management
Debt Management

Debt Management involves negotiating agreements with your Creditors to make reduced payments to them each month, usually with the help of a Debt Management company.

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Bankruptcy
Bankruptcy

Bankruptcy is usually considered a last resort but can be an effective solution for those in severe financial difficulty as all debts included are written off.

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Debt Relief Order
Debt Relief Order

A Debt Relief Order, or DRO, is a type of Bankruptcy aimed at people with few assets who have no ability to repay their debts. Like Bankruptcy, all debts included in a DRO are written off but the qualifying criteria is strict.

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Scottish Debt Solutions
Scottish Debt Solutions

This is a legally binding contract. Trust Deeds typically last for 4 years, in which you make a monthly payment to your creditors. If all payments are accurate and on time, then this means that at the end of the term, any outstanding debt is written off.

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Every debt problem is solvable – Find a solutions, become debt free

You’ll quickly see our commitment to helping you. We don’t judge, and we want to help.

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To find out more about managing your money and getting alternative free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.

How does it work?

Step 1

Do you Qualify?

Click on our IVA Checker button to answer a few questions about your situation. This will tell you if it looks like you qualify for an IVA.

IVA Checker

Step 2

Contact the Team

Get our attention by clicking the ‘Speak to Our Team’ button, and we’ll instantly offer you a number of appointment slots to talk about an IVA. Pick the best one for you, and a member of our experienced Team will drop you a line at that time.

Speak to Our Team

Step 3

Take back Control

We’ll look at your finances along with your personal situation to establish if an IVA is the best course of action for you to take. You may end the call on your way to a new beginning…

Find a solution

You are not alone

According to recent published data, the average UK household debt hit £15,400*

Our team of experts help thousands of families every year across the UK get their finances back on track.

IVA Checker

Why choose Money Advice?

Our Promise?

We promise to give you experienced, honest and sensitive supportive from the word go as we endeavour to help you with your debts.

We’ll make sure your personalised plan puts you back in control.

Solution Finder

Why choose Money Advice?

Expert advice and recommendation

We will offer you your own experienced Financial Advisor who is always at the end of the phone to help.

Speak to our team

Why choose Money Advice?

We understand.

We know how crucial it is to offer to best advice we can when addressing your debts, to ensure the most positive solution for you, relieving stress and allowing you to breathe again.

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Frequently Asked Questions

An IVA is a legally binding, formal agreement between you and your creditors to repay a portion of your debt. An assessment of your income and outgoings is completed to check how much you can afford to pay into the IVA each month. Once an amount you can afford each month is established, your creditors vote to decide if the IVA should be approved. The majority of your creditors need to vote for the IVA for it to go ahead. Once approved, the IVA usually lasts for 5 years with any of your remaining debt written off at the end.

There’s more than one reason why the IVA has proven over time to be such an effective route out of debt. Most people who benefit from an IVA would say having part of their debt written off is what appealled to them the most. In fact, up to 80% of your debt could be written off under an IVA; this means that if you owe £10,000, you could have up to £8000 of it written off! In addition, your creditors are no longer allowed to apply any interest or charges to your debts, or contact you for payment whilst you’re subject to the IVA. They also can’t take legal action against you.

All of your unsecured debts should be included in an IVA. Unsecured debts include credit cards, store cards, personal loans, payday loans and catalogue. Council Tax arrears and Benefit overpayments can also be included in your IVA. Secured debts, such as a mortgage or secured loan, cannot be included. Hire Purchase agreements, Court fines and CSA arrears can also not be included.

It’s unlikely that entering into an IVA would have a negative impact on your employment. However, in some instances, certain types of roles that involve finance can be affected if you access an IVA. It’s usually written into your employment contract so it could be worth checking this over if you work in roles involving financial advice, mortgage advice and accountancy.

One of the big advantages of an IVA is that your property isn’t at risk as long as you keep up to date with your mortgage payments. In fact, none of your assets are at risk under the IVA. However, in the final year of your IVA, you may need to release equity from your home. If this isn’t possible, then the length of your IVA may increase by a year.

We have our very own in-house insolvency professionals ready to set you on your path to a debt solution. This means we can quickly establish your eligibility and decide upon the most appropriate solution for you.

The advice we give is free, and there is no obligation to sign up to anything after your initial telephone consultation.

We think the world of money can be a complicated place, as decisions about overcoming financial difficulty are big ones, especially when there are lots of possible solutions out there. We understand this and that’s why we like to keep things simple.

There’s no pressure from us to make a quick decision, and we’re here when you’re ready to move forward. Read our success stories from real-life customers who had an experience worth shouting about. 9/10 customers would recommend us to friends or family.