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What is an IVA

  
 

An Individual Voluntary Arrangement (IVA) is an alternative to bankruptcy. If you have a substantial amount of unsecured debt an IVA could be your best solution.

IVAs are controlled by government legislation and can only be set up by licensed Insolvency Practitioners. An IVA acts as a legally binding agreement between you and your creditors, which once agreed, could freeze interest charges on your debt and provide you with a single monthly repayment tailored to your circumstances over an arranged fixed period (usually 5 years).

It is important to remember that you should only consider an IVA if you have sufficient money available to contribute towards repaying your debts each month or additional assets which could be taken into consideration.

  
     
  The benefits of an Individual Voluntary Arrangment  
 
All information is dealt with in the strictest of confidence.   All information is dealt with in the strictest of confidence
Frozen interest payments and an agreed monthly payment amount   You could freeze interest payments and charges
Protection from action by creditors or debt collectors   Protection from further action by creditors or debt collectors
When the IVA is completed any unpaid debt is written off   Once completed you will have no further liability to your creditors
When the IVA is completed any unpaid debt is written off   Have an agreed monthly payment tailored to your circumstances
You know what you have to pay each month and for how long.   You know what you have to pay each month and for how long.
 
     
 

Key information

  • What fees are involved? Depending on your situation, you may be advised to enter a specific debt solution. If you do, fees will be charged. We're one of the longest-established debt solution providers in the UK and aim to provide the very best customer service along with excellent value for money to ensure our fees remain competitive. Click here to read about our fees »
  • Will it affect my credit rating? Your ability to obtain credit will be affected for 6 years.
  • What if I change my mind? Remember, you are not obliged to enter a solution. If you do, and you change your mind, you have a right to cancel your agreement with us at any time during the first 14 days of its term.
  
 
Subject to eligibility and acceptance. Debt write off applies to unsecured debts and only on completion of an IVA, alternative solutions may be offered. Homeowners may be required to release the equity in their property. Calls may be recorded and are usually free from UK landlines. Mobile phone users costs may vary and should check with their network provider.


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