IVA (Individual Voluntary Arrangement)

If you have unsecured debts of over £15,000 and can no longer afford to make the repayments and cover your other living costs, an IVA could be the solution for you. An IVA has several important advantages, depending on your circumstances.

Benefits

• Have one payment, tailored to your circumstances.
• Get legal protection from companies you owe money to. Your creditors are legally bound by the terms of the agreement.
• Save time and money with just one affordable monthly payment, usually over a period of 5 years.
• An IVA is a real alternative to declaring yourself bankrupt.
• Protection for homeowners. Avoid the possibility of losing your property. Although you may be required to release some of the equity in your home halfway through the final year of your IVA.
• Continue trading as a Sole Trader or Partner.

How does an IVA work?

The IVA scheme is available to anyone who is struggling to pay off unsecured debts of £15,000 or more.

An IVA is a legally-binding agreement which:

• Stops all creditors included in the agreement from taking any further action against you
• All charges and interest could be frozen on your accounts.

For this to happen, you must keep up with your repayments each month. When you start your IVA, our legal team acts on your behalf to create a formal agreement between you and your creditors (the companies you owe money to). They will arrange affordable monthly payments, usually over 5 years. After that time, any remaining debt is written off. Please note 75% (by debt value) of voting creditors must be in favour of the proposal for the IVA to go ahead.

Find out more about:

IVA FAQs
IVA Alternatives
IVA Case Studies

Further Debt Help and Advice
Try our Debt Calculator

Subject to availability and acceptance. Debt write-off applies on the completion of and Individual Voluntary Arrangement. Alternative solutions may be offered. Repaying debt over a longer period of time may increase the total amount to be repaid. Whilst on an IVA and for a year after completion your credit rating will be affected.

Depending on your circumstances, our debt advisers may advise you to enter a specific debt solution - and if you choose to, there will be fees involved. Click here to read more about our fees.