- One affordable monthly payment
- Stop creditor letters & demands
- Write off up to 80% of your debt
- Freeze interest and charges
- Help protect assets, like a home
A brief introduction to IVA, Individual Voluntary Arrangement.
This is a formal arrangement between the customer and creditors (which is legally binding) to pay all or part of the debts they have. The arrangements are set up professionally by an authorised Insolvency Practitioner. They generally last 5 years in which time the customer will be expected to pay everything they can afford outside of agreed ‘reasonable’ living costs. Fees & Key Information
How can an IVA Help me?
Click on our IVA Checker to see if you qualify. If you do, you’ll benefit from…
- Up to 80% of your debts written off
- All Creditor interest and charges frozen
- Reduced monthly repayments
We help over 5,000 people every year
With a decade of experience, you can be assured that our advice is both effective and reputable. At Money Advice, we understand the impact that debt has on those affected by it, and that the distress goes much further than those whose names the debts are written in. We therefore 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.
Our promise to you
We promise to give you experienced, honest and sensitive supportive from the word go as we endeavour to help you with your debts. We will offer you your own experienced Financial Advisor who is always at the end of the phone to help. Your Financial Advisor will work alongside you to find the most suitable route for you to take, by calculating your debts and living expenses, to create a plan specifically designed around you.Am I eligible for an IVA?
What our customers say
“Very helpful, supportive, understanding. I am now on track to clearing my debt within the next year. Thank you for all of your help!”
“Everyone I spoke with was really helpful very understanding not judgmental at all. The help from Rebecca and Laura was amazing would definitely recommend to anyone that needs help and support in this hard/stressful time.”
- Credit Card £14400
Your monthly repayments would be
*Figures based on an example IVA. Alternative solutions may be offered. Lenders are not obliged to accept less than contractual payments. Fees payable if continuing services are provided. Fees & Key information can be found here.
Individual Voluntary Arrangement (IVA) FAQ
This is a formal arrangement between the customer and creditors (which is legally binding) to pay all or part of the debts they have. The arrangements are set up professionally by an authorised Insolvency Practitioner. They generally last 5 years in which time the customer will be expected to pay everything they can afford outside of agreed ‘reasonable’ living costs.
Both bankruptcy and an IVA are known as insolvency options. An IVA involves you paying back part of your debts over a set period of time – this is a legally binding contract.
Bankruptcy is a court order. It ends your liability for debts but can mean that your assets are sold in order to pay the creditors back.
An IVA will take around 4 to 6 weeks to set up.
Just because you might not qualify for an IVA does not mean that you won’t qualify for another scheme. There are other arrangements to pay your debts back and one of our Financial Advisors are happy to help you find the right arrangement suited to you.
No- you can enter into an IVA if you are not employed, self-employed, part-time or full time. As long as you have disposable income per month after your general living costs and bills.
Not necessarily- you can enter into an IVA whether you are a homeowner, tenant or living with your parents.
No, since an IVA is a legally binding contract, you cannot just change your mind.
Typically, IVA’s last for 5 years.
Your payment into the IVA is based on your individual circumstances. One of our Financial Advisors will help you determine an appropriate amount per month based on information you provide about your income and debts.
If you do not keep up your monthly payments, you could be declared bankrupt by the Insolvency Practitioner and your creditors.
Don’t worry if you do not qualify for an IVA, one of our Senior Advisors will be able to determine an alternative solution for you to undertake, based on your individual circumstances.