Help with debt

An IVA could write off up to 70% of your debt

If you cannot afford your monthly debt repayments an IVA could help with debt with credit cards and unsecured loans.

✓ An IVA gives lower monthly payments.

✓ An IVA gives protection from creditors.

✓ Advice is free and confidential with help with debt

✓ No upfront fees with help with debt.

✓ Understand available solutions to help with debt.

Complete our online application for help with debt.

What is an IVA?

IVA’s (Individual Voluntary Arrangement) are designed for people who are struggling with their debt and need help with debt. An IVA is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors An IVA is a formal agreement where you would pay one affordable monthly payment for a period of usually no longer than 60 months. Any remaining unsecured debt is written off once the IVA is completed. You can be single, married, employed, self-employed, a homeowner or a tenant. There are certain criteria in order to do an IVA, such as debt level and number of creditors.

How an IVA can help you

Reduce stress with help with debt.
Will give you a finish line to becoming debt free.
Write off up to 70% of your unsecured debts with help with debt.
Sustainable monthly repayments with help with debt.
Stop interest and charges with help with debt.
Reduce your repayments with help with debt.
An IVA can give you more control of your assets than bankruptcy.
Help with debt has information about where to get free debt advice.
An IVA will stop your creditors taking action against you for your debts.

Some examples you can include in an IVA:

Credit / Store Cards
Council / Utility Bills
Unsecured Loans
HMRC Debt
Vehicle and Property Shortfalls
Overdrafts

Frequently asked questions

What is an IVA?

An IVA (Individual Voluntary Arrangement) is a formal agreement introduced by the government in 1985 for people struggling with debt. An IVA is a formal agreement where you might pay one affordable monthly payment for a period of usually no longer than 60 months. Any remaining unsecured debt might be written off once the IVA is completed.

How an IVA Might Help You

Provide a clear finish line to becoming debt free.
Affordable, sustainable monthly repayments with help with debt.
Interest and charges might be stopped with help with debt.
Repayments might be reduced.
Reduce stress and take control of your finances with help with debt.
Write off up to 70% of your unsecured debts (subject to eligibility).

Who may do an IVA?

Single people needing help with debt.
Married / co-habiting people needing help with debt.
Business owners and self employed people.
Homeowners and tenants needing help with debt.

Eligibility depends on factors such as debt level, number of creditors, and personal circumstances. Completing the application form is the best way to see if this might be an option for you.

How long does an IVA last?

Typically, an IVA can last for about five years, but in some cases this can be extended or end in a shorter period of time if you can produce a partial or full amount of money. You will know exactly when your IVA agreement will end.
Whilst you are in an IVA, you will understandably not be able to obtain credit of any sort. When it is finished your credit rating should begin to repair itself.

Advantages of an IVA

You only have to make one monthly payment or in some cases a one-off payment.
Your monthly payment will be within your monthly budget.
Bankruptcy is avoided with help with debt.
Once your IVA is agreed your creditors cannot bring any action against you as long as you comply with the IVA.
An IVA is just between you and your creditors, so it's confidential.
Unsecured debts usually cleared in 60 months with help with debt.
An IVA can be complete sooner if you can offer a lump sum payment.
All interest and charges are legally frozen with help with debt.

Disadvantages of an IVA

Homeowners with equity in their property may be required to introduce a part share of this equity in the final year of the arrangement. If your IVA fails, your creditors may request that you be made bankrupt. This may be avoided with an IVA and help with debt.

Help With Debt

What is an IVA?

How an IVA can help you

Reduce stress with help with debt.

Will give you a finish line to becoming debt free.

Write off up to 70% of your unsecured debts with help with debt.

Sustainable monthly repayments with help with debt.

Stop interest and charges with help with debt.

Reduce your repayments with help with debt.

An IVA can give you more control of your assets than bankruptcy.

Help with debt has information about where to get free debt advice.

An IVA will stop your creditors taking action against you for your debts.

Some examples you can include in an IVA:

​

Credit / Store Cards

Council / Utility Bills

Unsecured Loans

HMRC Debt

Vehicle and Property Shortfalls

Overdrafts

Frequently asked questions

Advantages of an IVA

You only have to make one monthly payment or in some cases a one-off payment.

Your monthly payment will be within your monthly budget.

Bankruptcy is avoided with help with debt.

Once your IVA is agreed your creditors cannot bring any action against you as long as you comply with the IVA.

An IVA is just between you and your creditors, so it's confidential.

Unsecured debts usually cleared in 60 months with help with debt.

An IVA can be complete sooner if you can offer a lump sum payment.

All interest and charges are legally frozen with help with debt.

Disadvantages of an IVA

Homeowners with equity in their property may be required to introduce a part share of this equity in the final year of the arrangement. If your IVA fails, your creditors may request that you be made bankrupt. This may be avoided with an IVA and help with debt.