Opening Hours: Mon – Fri 9am – 8pm

An IVA is a debt solution that allows you to be debt free in either five or six years, after which time up to 80% of your debt can be written off. It allows you to repay your debts over a period of time, after which any remaining amounts owed will be written off.

Advantages of Individual Voluntary Arrangement

The IVA process begins with the creation of a Proposal. This is managed by a Licensed Insolvency Practitioner, who will act as what is known as the ‘Nominee’. You’ll need the following details:

• Name and contact for all of those you owe money to
• A breakdown of your monthly income and expenditure
• Information about your home – such as its value and any remaining lending on it
• A breakdown of your assets that have sizeable value

IVAs are government approved and managed through a provider, who’ll help you with your application.

What assets are included in an IVA?

All assets that could be sold or that would normally be included within a bankruptcy will likely be included in the IVA (e.g. property, savings, valuable jewellery etc.).

IVAs are only suitable for non-priority debts such as:

  • Overdrafts
  • Personal loans
  • Bank or building society loans
  • Money borrowed from friends or family
  • Credit card, store card debts or payday loans
  • Catalogue, home credit or in-store credit debts

Can I decide to terminate my IVA after it’s been set up?

Yes, but your will have to find a solution to your debts, and you could be forced into bankruptcy by one of your creditors. It’s worth noting that you needn’t terminate your IVA if you’re simply struggling to pay. Speak with your Insolvency Practitioner in the first instance, they’re there to help you.

Click IVA Debt Solution to know more.

*An Individual Voluntary Arrangement (‘IVA’) is subject to the customer meeting qualifying criteria and gaining creditor acceptance. Monthly IVA payments include fees and may differ to the example provided, based on the assessment made of your own personal circumstances – these fees will be clearly explained to you in writing by your IVA company. Debt write off amounts are subject to creditor acceptance and vary by individual customer based on their own financial circumstances, and are applied upon successful IVA completion.

Substantiation example, Someone owes £60,000, they pay £100 over 60 months which equals £6000, write off amount would be £54,000 which is 90% of total debt level. Upon submitting your details on this website we will pass your details to one of our approved partners as this website does not give any advice.

Free debt counseling, debt adjusting and credit information services are available from the Money Advice Service.

National Debt Help
How we use cookies   X