STRUGGLING WITH UNSECURED DEBT?
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An Individual Voluntary Agreement (IVA) is a formal debt solution that may be available to you.
✓ An IVA may lower your monthly payments.
✓ An IVA may provide protection from creditors.
✓ Regulated advisers can explain your options.
✓ No upfront fees
✓ Confidential and secure process.
We introduce you to FCA regulated advisers who can explain your options.
Our 3-Step Process
1) Complete a short form
2) We securely pass your details to an FCA-authorised debt advice provider
3) A regulated advisor may contact you to discuss your options
Important: By submitting this form, you agree that we may securely share your details with FCA-authorised debt advice providers who may contact you to discuss your options.
NeedHelpWithDebt.co.uk is not regulated by the Financial Conduct Authority (FCA).
We do not provide debt advice. We securely refer enquiries to FCA-authorised debt advice providers who may contact you.
What is an IVA?
An Individual Voluntary Arrangement (IVA) is one of several formal debt solutions available in the UK. Only a regulated adviser can explain whether it might be suitable in your situation. An IVA is a formal agreement between you and your creditors to repay what you can afford over a set period. In an IVA, you normally make one monthly payment over a period, typically up to 60 months. In many cases, remaining unsecured debt may be written off if certain conditions are met. Eligibility depends on factors such as debt and number of creditors. You can be single, married, employed, self-employed, a homeowner or a tenant.
How an IVA can help you
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An IVA may help reduce financial stress.
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It could provide a structured path towards resolving your debts.
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Some people may be able to write off a portion of their unsecured debts under an IVA.
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Payments may be more manageable than repaying each balance separately.
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Interest and charges could be frozen during arrangement period.
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Depending on eligibility, you might retain more control of assets than under bankruptcy.
Some examples you can include in an IVA:
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Credit / Store Cards
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Council / Utility Bills
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Unsecured Loans
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HMRC Debt
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Vehicle and Property Shortfalls
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Overdrafts
Frequently asked questions
What is an IVA?
An IVA (Individual Voluntary Arrangement) is a formal agreement used to manage unsecured debts. It may allow you to pay off one affordable monthly amount over a period, usually up to 60 months. Any remaining unsecured debt may be written off once the IVA is completed.
How an IVA Might Help You
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Provides a potential structured path to resolving debts.
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Monthly repayments may be more affordable.
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In some cases, interest and charges could be stopped.
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Repayments may be be reduced depending on your situation.
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A regulated adviser can explain whether an IVA or another option is appropriate.
Who may do an IVA?
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Single people needing help with debt.
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Married / co-habiting people needing help with debt.
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Business owners and self employed people.
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Homeowners and tenants needing help with debt.
Eligibility depends on factors depend on individual circumstances and should be discussed with a regulated advisor. Completing the application form will put you in contact with one.
How long does an IVA last?
An IVA typically lasts around five years, but this can vary. While you are in an IVA, it may affect your ability to obtain credit. After completion, your credit record may begin to improve over time, but this depends on individual circumstances.
Advantages of an IVA
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One agreed monthly payment instead of multiple debts.
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Payments may be manageable within your budget.
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An IVA may reduce the risk of creditor action if terms are maintained.
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Interest and charges may be paused during the IVA.
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Remaining unsecured debts may be written off at the end of the arrangement.
Disadvantages of an IVA
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If an IVA fails, your creditors may seek other remedies, including bankruptcy. Eligibility criteria varies, and should be discussed with a regulated advisor.