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An IVA, also known as an Individual Voluntary Arrangement, is a formal solution that can be right for a lot of people struggling to pay their contractual debt repayments. However like all debt solutions, an IVA will depend on your personal circumstances.

To qualify, you will need to have debts over £7,200, have more than 2 qualifying debts, and at least £100 left over each month after priority payments such as mortgage/rent and utilities are made.

Because DFH prides itself in providing consumers with a personalised view of all the debt relief options available, including a balanced understanding of the pros and cons of each option. If you are eligible and you feel an IVA is the right debt solution for you, we will work in conjunction with our preferred IP (Insolvency Practitioner) to create a formal agreement between you and your creditors.

As with all debt solutions, to enter into an IVA you will need to complete a full income and expenditure review. This will be done with a financial adviser to determine how much you can afford to pay back to your creditors each month. Your new affordable monthly payment will usually last for 5 years. After that time, any remaining unsecured debt is written off. In some extreme cases our preferred IVA partner has written off as much as 98% of unsecured debt, however the average debt write off is around 55%.

Please note 75% (by debt value) of voting creditors must be in favour of the proposal for the IVA to go ahead. However our advisers knowledge of the the IVA industry, would only recommend this route if they were more than 95% confident an IVA would be approved. The good thing to know is that there is no upfront costs to enter into an IVA , as all fees are included in the proposed new affordable monthly repayment, all of which will be outlined to you if an IVA is chosen. If in that small chance that your IVA is not approved by your creditors, there will be no cost to you for the advice given or the services of the IP.

Advantages of an IVA

  • Any debts remaining on your account will be written off upon completion.
  • 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.
  • An IVA is a real alternative to declaring yourself bankrupt.
  • Protection for homeowners.
  • Protection of your assets
  • All charges and interest will be frozen on your accounts.
  • Continue trading as a Sole Trader or Partner.

Disadvantages of an IVA

  • An IVA will display on your credit file and affect your credit rating for a total of 6 years.
  • You may still find it difficult to obtain credit once your IVA has finished.
  • An IVA is listed on the Insolvency Register for 3 months after you have completed your IVA.
  • When you are on an IVA you cannot obtain or service credit outside of the Arrangement, including current overdraft facilities.
  • Homeowners may be required to try to release equity in their home after 5 years.
  • Your employment may be affected if you are required to have a credit search
  • Failure of an IVA can result in creditors petitioning for bankruptcy.
Knowing that DFH had helped 1,000’s of other people, made me realise I wasn’t alone.

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