IVA

If you have debts greater than £15,000 an Individual Voluntary Arrangement (IVA) might be the best option. An IVA is a government-backed scheme to help you clear your debts. When arranging an IVA, we will contact all your creditors on your behalf, that way you will not have to worry about threatening letters or demand notices as once your IVA process has started, we will act at the communication point of contact for the entire duration of the IVA until you become debt free.

What Is An IVA?

An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors where you will come to an arrangement to make reduced payments towards the total amount of your debt.

A monthly payment is ‘agreed’ to pay off a percentage of your debt. Generally after 60 months your debt is classed as settled. Due to its formal nature, an IVA has to be set up by a licensed professional.

IVA’s are legally binding and form part of the government Insolvency Act 1986.

Do You Qualify For An IVA?

To qualify for an IVA, your total debt must exceed £15,000 and you must owe to at least three different creditors (different banks, credit card companies etc.). If your debts are less than £15,000 or you owe to less than three creditors we can still help through a Debt Management Plan.

Only residents of England or Wales can apply for an IVA. For residents of Scotland, the equivalent is a Trust Deed which we can also arrange. Northern Ireland residents can apply for a Debt Management Plan. In all cases, please complete our contact form.

An IVA Can Help You Avoid Bankruptcy

Unlike bankruptcy, in an IVA agreement, you will not have to sell your home and other major assets such as a car. In fact with an IVA you are in a much better position to negotiate any agreed settlement, whereas for bankruptcy your assets are entirely in the hands of the presiding magistrate when your proceedings come to court.

There’s far less stigma with an IVA agreement compared with bankruptcy. There’s no requirement to advertise in the newspapers, or notify your landlord or employers. An IVA won’t threaten your career if you are working in the armed forces or practicing in other professions, where becoming bankrupt means that you could lose your licence or your job. Also participating in an IVA agreement will not exclude you from becoming a company director.

Quick IVA Application Process

Step 1
Complete our contact details form on this page.
Step 2
Based on your personal circumstances, we will create a debt repayment proposal for you. We will talk you through the proposal to ensure you are happy with all the details.
Step 3
The proposal will then be passed onto our Insolvency Practitioners who will contact all your creditors and negotiate your proposal with them.
Step 4
Once the proposal is agreed and finalised, we will set up a standing order to transfer your payments to your creditors.
Step 5
Become debt-free!

For any other questions, please complete our contact form for a no-obligation call from our debt advisors.

Data Protection

Your data is safe with us, we will not pass any of your details onto anyone other than our advisors. We will not add your address or email address onto any mailing lists.

We are a registered Data Controller with The Data Protection Act 1998, registration number Z1587785.