What is an IVA?

IVA's were first launched and approved by parliament in 1986 to help people that were struggling with an alternative to going bankrupt, making it easier for people to meet their living expenses on a priority basis and then taking care of their debt repayments. An IVA stands for, Individual Voluntary Arrangement.

IVA's are now the most popular formal solution to clear debt. They are designed to make repayments more manageable and affordable. These schemes must be set up by a registered Insolvency Practitioner (IP) who will split your payments on pro rata basis between your lenders.

The arrangement is put together to prevent any additional interest and charges being added to your existing debt, meaning lenders can't change their mind! An IVA will normally last 60 months, and during this period you will be expected to make one affordable payment each month towards your debt. At the end of 5 years any debt that remains will be legally written off!

To ensure what you qualify for, please fill in the form above.

If the repayments are made on time and as set out in your IVA, you will receive protection from any legal actions from your lenders.

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Here is an example of how we could make your debts more affordable

Let’s say you owe:

Bank Loan £6000

Payday Loan £3000

Credit card £2000

Store Card £500

Overdraft £1,000

Catalogue £500

Total Owed: £13,000

Approx Current Monthly Payments: £475


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