Consider an IVA If you are…

  • £5,000 or More in Debt?
  • Struggling to keep up with payments?

An Individual Voluntary Arrangement (IVA) may hold the key to your debt-free future & could write-off 85%* of debts.

Money Advice is here to help so start by using our 30-second online form see if you qualify today.

Check if you quolify

A typical example of an IVA

This example significantly reduced the client total debt by 41% over a fixed term, typically 60 months.

IVA Example
  • Loan £7000
  • Overdraft £1200
  • Credit Card £1000
  • Credit Card £5000
Total Owed£14200

Your monthly repayments would be

£670 Before an IVA
£140 After an IVA Reduced by 41%

*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.

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

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.

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 3 to 6 weeks to set up depending on how quickly you can gather the supporting information required to present to your creditors.

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’re unemployed, self-employed, part-time,  full time, retired or in receipt of benefits. As long as you have a disposable income above £80 per month after you’ve covered your essential living costs such as household bills, food toiletries car etc

You can enter into an IVA if you’re a homeowner, tenant or living with your family/friends.

No, since an IVA is a legally binding contract, you cannot just change your mind as you have agreed to the terms with your creditors.

Typically, IVA’s last for 5 years. If you’re a homeowner you may be asked to pay the IVA for a further 12 months.

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. 

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?

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If you are unsure of what solution is best for you, click our eligibility checker and find the right one for you.

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