A fee will be charged for managing your debts!

Entering into a debt management plan or IVA will harm your credit rating and could prevent you from arranging finance in the future.

What Is An Individual Voluntary Arrangement?

The purpose of an IVA is to assist you in reaching a compromise with your creditors usually in order to prevent the consequences of bankruptcy. It will enable you to reduce your debts to a level that you can afford, and then clear them over a fixed period, usually 5 years. The single, affordable monthly IVA repayment is based on your disposable income and budget.

During the period of the IVA, your creditors must freeze any interest on the debts, and they are not allowed to pursue the debt, or instigate any legal action to recover it. Nor are you allowed to take any further borrowing whilst in an IVA, including the use of store and credit cards.

At the end of the IVA, assuming all the requirements of the IVA have been satisfactorily met, all of the debts are cleared. You could find that you remove up to 70% of your debts.

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When is an IVA Suitable?

An Individual Voluntary Arrangement can be suitable for someone that is having difficulty repaying their debts and does not want to go down the alternative road of bankruptcy.

Quite often, the creditors find it a better option to bankruptcy as it offers a better return for them.

Is An IVA The Most Suitable Option For Me?

Do you have debts totaling £15,000 or more from credit cards, store cards, personal loans or overdrafts?

Do you have more than 5 creditors?

Are you under increasing pressure from creditors or debt collectors?

Is the stress and worry from the pressures of being in debt ruining your life?

If the answer to the 4 questions above is yes, then an IVA may be suitable for you. However anybody that is struggling to maintain regular payments to their creditors should read The Insolvency Service booklet In Debt which details your options, before deciding that an IVA is for you. You may also want to visit The Insolvency Service website, or your local Citizens Advice Bureau.

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Debt Free = Peace Of Mind

Our experts have helped thousands of people on the brink of despair. If you can´t see light at the end of the tunnel, get the help you need now.

You do however need to bear in mind that while an IVA will wipe out any debts included in it, you should consider the restrictions placed on you while you are in the agreement and even when the agreement has come to an end, for example;

You will not be able to borrow any more money from any source whilst still in the agreement. Not even using the credit cards that you already have in place.

An IVA is a legally binding document and your creditors will not hesitate to petition for your bankruptcy if you do not keep up with your repayments into it.

The IVA will show up on your credit profile for as much as 6 years from the date that you enter into it. You may also be obliged to inform any lenders that you apply for new credit to even after it has been removed from your credit record.

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Debt Management

If you have debts in excess of £2,000 with two or more creditors, other than HP or secured loan lenders, we can get you the debt advice that you require. Simply complete the application form and one of our experts will be in touch to get you back on the right path.

Individual Voluntary Arrangement (IVA)

If you have debts of £15,000 or more, it could be that an IVA (Individual Voluntary Arrangement) is the most suitable option. Our experience Debt Advisors will be able to explain the best course of action for you.