IVAs & IVA Help

IVA Information | What is an IVA?

IVA stands for Individual Voluntary Arrangement. It is a legal and government approved method of resolving debt.

If you are struggling to make your current debt repayments you could be eligible for this scheme.

How popular are IVAs?

Over 3,500 people enter an IVA every month to resolve their debts. Creditors (lenders) also like IVAs as it means they will get paid an agreed amount over an agreed period of time.

Do you qualify?

If you struggling with your repayments and owe over £15,000 to two or more creditors then you may be eligible for an IVA. Call us to see if your creditors will accept an IVA.

Will your IVA be accepted by your lenders?

To get an IVA agreed some (but not all) of your creditors have to accept your proposal. Because of our experience over the years we know what creditors are prepared to accept. We will be able to tell you if your creditors would accept an IVA proposal from you.

Do Debts Get Written Off

In short, Yes.

An IVA is structured so that you pay only what you can afford, not what you creditors ask you to pay. You will make this payment for a fixed period of time (generally 5 years). After making the agreed payments it is likely that some of the original debt will remain unpaid. At this stage the creditors are legally obliged to write off these remaining debts.

We usually find between 60-70% of our client’s debt is written off. It depends completely on what you can afford and what your total debt balance is.

How is my IVA payment calculated?

The amount that you pay is easy to calculate.

IVA Payment = Income minus Living Costs

IVA Example

Apply for an IVA

IVA Pros and Cons

Be totally debt free in five years or less
Learn financial management skills that will benefit you for the rest of your life
Receive ongoing support from Insolvency Practitioner (IP)
Avoid bankruptcy and the restrictions it can impose
You will pay no further interest or charges on your debt
It is not made public
It does not effect your professional standing
You and your IP draw up flexible realistic proposals