INDIVIDUAL VOLUNTARY ARRANGEMENT (IVA)
* May not be suitable for all circumstances. Fees apply. Your credit rating may be affected.
An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors to repay your debts over a set period. It can be structured based on your financial situation:
- Monthly Payments: Make monthly payments based on what you can afford, or
- Lump Sum Payment: Pay back a lump sum if you have access to the funds (no set up fees to be paid before your IVA is agreed).
*May not be suitable for all circumstances. Fees apply. Your credit rating may be affected.
Benefits
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Pay monthly amounts based on what you can afford.
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The remaining unpaid balances of your debts may be written off after you make your final payment.
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Interest, charges and debt collection stop meaning your debt amount does not increase during the IVA.
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An insolvency practitioner manage the IVA and communicates with your creditors on your behalf . Creditors included in the IVA cannot take legal action against you.
Risks
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Your creditors could request that you reduce your living costs to maximise your payments.
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You may be required to sell any valuable assets.
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If you own property, you might have to remortgage to release equity for the IVA.
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The IVA will be recorded on a public register and will impact your credit file for up to 6 years.
Achieving debt freedom,
Starting with just 3 simple steps
Step1
Take the first step. Answer a few simple questions to give us an idea of your financial situation.
Step2
Speaking about debt can be tough. Our empathetic, trained experts will explain how we can help.
Step3
Once we’ve discussed your options, it’s over to you. By this point, debt freedom is in your grasp.
We’re ready to talk
* May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.