0161 672 8990

Is an IVA right for me?

Apply for an IVA

Tell us what kind of debt problems you're facing - and we can tell you if an IVA looks like the best way for you to get out of debt.

Even if an IVA isn't the best approach, our experts can explain your options and put you in touch with people who specialise in other debt solutions.

Key facts and information about IVAs

If you choose to take out an IVA, fees will be applicable. To read the key facts about our services and fees and discover how they work click here.

Download the Insolvency Service guide to dealing with creditors.

Read here for information about our Complaints Procedure and referring a complaint to the Financial Ombudsman Service.

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

Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA, alternative solutions may be offered. If your IVA fails, it could lead to Bankruptcy. Your ability to obtain credit will be affected for at least 6 years. Homeowners may be required to release the equity in their property.

We'll call you back

How can we help?

First of all, we can listen.
Tell us about your finances. Tell us where you stand with your debts and we'll tell you if we think an IVA really is the best way of tackling them. Be aware that lenders aren't obliged to agree to an IVA - and if you do enter one, it will have a negative effect on your credit rating.

Second, we can get your IVA started.
We can do everything it takes to get you started on an IVA. It's a complicated process, but our IPs (Insolvency Practitioners) have the experience to help you get off to a good start.

Third, we can help you until the day your IVA is over.
Once your IVA is up and running, you won't be on your own. All the way through, you'll have experts providing advice and help when you need it.

Who qualifies for an IVA?

To qualify for an IVA, you'd need to be:

• Unable to repay your debts in full, in a reasonable time
• Unable to meet your monthly payments
• Able to make regular smaller monthly repayments or have a lump sum available

You'd also need to be living in England, Wales or Northern Ireland. If you live in Scotland, you might be eligible for a Trust Deed.

If you do qualify, your lenders still need to agree to an IVA before it can go ahead. There is no guarantee that they will. Plus, you need to be aware that an IVA will negatively affect your credit rating for at least six years.

Even if you don't qualify for an IVA, we could still help you with your debts. Talk to one of our experts on 0161 672 8990 or request a call back and we'll call you.

All about IVAs

If you enter an IVA, you could:

• Get out of debt in 5 years (unsecured debts like credit cards & personal loans)
• Have the included unsecured debt you can't repay written off on successful completion
• Reduce your monthly payments to a level you can afford
• Free up the money you need for mortgage/rent, food, clothing, utilities, etc.
• Get legal protection against action by your unsecured lenders

You should know that:

• There's no guarantee that your lenders will agree to an IVA
• Entering an IVA will have a serious impact on your credit rating for at least 6 years
• You'll have to keep up with your mortgage / rent payments, as they're not included in the IVA.
• Your name will appear on an insolvency register
• If you are a homeowner you may need to remortgage. A remortgage may attract a higher interest rate and if a remortgage is not available the IVA may be extended for 12 months.
• If you don't uphold your side of the IVA, it might fail - and you could be made bankrupt
• You may have to release equity from any property you own, which might be more difficult / expensive, due to your IVA's impact on your credit rating

Common IVA questions

If you're thinking about an IVA, you're bound to have questions about it.

We can answer your questions. We've been helping people tackle their debts with IVAs since 2003 - and all our Insolvency Practitioners are members of the Association of Business Recovery Professionals (known as R3).

Whatever you need to know, we can help.

IVA or bankruptcy?

IVAs and bankruptcy are different kinds of insolvency - different ways of tackling serious debt problems. They can both give you legal protection from your lenders - and they can both actually write off unsecured debt, meaning you may not have to repay everything you owe. Note that you'd need to uphold your side of the agreement to get the full benefit of insolvency.

IVAs and bankruptcy work in very different ways and come with different 'pros and cons'. You'll need to talk to an expert before you know which one's more appropriate for you, but in the meantime, click here for a look at what they involve, how they're different - and which one might be the best way for you to tackle your debt problems, or if there is another more suitable solution.

IVA Advice Centre

For a full list of all our IVA articles, click here to visit our IVA Advice Centre.

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Registered office: Think Park, Mosley Road, Trafford Park, Manchester M17 1FQ. Co Reg No 4348410. Registered in England and Wales. Regulated by the Claims Management Regulator in respect of regulated claims management activities. Freeman Jones Limited is an appointed representative of Gregory Pennington Limited for its credit broking and insurance and mortgage mediation activities, which is authorised and regulated by the Financial Conduct Authority.