IVA (Individual Voluntary Arrangement)

If you have 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

• You could write off a large part of your debt (sometimes as much as 70%) –and prevent all further interest and charges.
• Get legal protection from companies you owe money to. The IVA scheme is run by the Government to help people get out of serious debt.
• Save time and money with just one affordable monthly payment, usually over a period of 5 years.
• Avoid becoming bankrupt and the public notice required by bankruptcy.
• Protection for homeowners. Avoid the possibility of losing your property.
• 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 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 will 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.

Find out more about:

IVA FAQs
IVA Alternatives
IVA Case Studies

Further Debt Help and Advice
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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. Your ability to obtain credit will be affected in the short term and might be affected in the medium to long-term.