Answer a few quick and easy questions
See if you are eligible
Write off up to 80% of your debts
Make affordable payments based on Income and Expenditure
No circumstance would your home need to be sold
Interest and charges frozen
Stop lender contact
Please note entering into an IVA will affect your credit rating for 72 months
An IVA typically lasts for five years and the end of the term, debts included are completely written off, as this is an insolvency solution there maybe somethings you want to consider:
Your lenders are not obliged to accept the IVAIf the IVA fails, it could lead to bankruptcyThere will be a restriction on expenditure whilst on the IVA
You will be placed on the public insolvency registerYour credit rating is affected for 6 yearsIn the final year of the IVA, if you are a homeowner, you may be required to remortgage your home. If successful, the terms of the new mortgage may be less favourable. If you can't remortgage, the term of the IVA will be extended by 12 monthsFees are payable if ongoing services are provided, read more here.Used in the right circumstances, IVAs are a very effective way of helping you to take back control of your finances. Once accepted lenders legally cannot contact you and your payments will be reduced to an affordable level.
Our advisors offer free, clear and confidential debt help and simply speaking to them will not impact your credit rating. They can help to see if you qualify for up to 80% debt write off.
Get debt freeAn IVA typically lasts for five years and the end of the term, debts included are completely written off, as this is an insolvency solution there maybe somethings you want to consider:
Your lenders are not obliged to accept the IVAIf the IVA fails, it could lead to bankruptcyThere will be a restriction on expenditure whilst on the IVAYou will be placed on the public insolvency registerYour credit rating is affected for 6 yearsIn the final year of the IVA, if you are a homeowner, you may be required to remortgage your home. If successful, the terms of the new mortgage may be less favourable. If you can't remortgage, the term of the IVA will be extended by 12 monthsFees are payable if ongoing services are provided, read more here.
How does an IVA work?
Use our IVA checker and if eligible, we will put together a proposal for your lenders
Once it is agreed you will make one, affordable monthly payment
We will talk to your lenders and deal with all the paperwork
On completion, all debt included in your IVA is written off
Mike was one of our customers who was recommended an IVA.
Total unsecured debt
£33,080
Old monthly payment
£717
New monthly debt repayments
£177
Monthly reduction
£540
Debt written off
£22,460
Term
5 years
We managed to get over half of Mike's debt written off
For more help and advice, visit the Money Advice Service, an independent service set up to help people manage their money. Or find out more about the different options for paying off your debt here.
IVAs are only available in England, Wales and Northern Ireland. An IVA is a formal agreement, subject to status and acceptance and may not be suitable for all. Debt write off is based on individual circumstances. Our fees are explained here.
Check if an IVA is
right for you
We will listen to you. We take the time to understand your situation and our conversations are always 100% confidential.
We are dedicated to helping you. Our friendly, experienced advisers offer personalised support that really makes a difference.
We can help you build a brighter future. We are here to make the journey to becoming debt-free as smooth as possible.
The first step is to use our online IVA checker. If you are eligible, one of our expert advisers will ring you to get a better idea of your circumstances. Together, we will figure out what you can realistically afford to pay, based on your monthly income.
Then, you can leave the next bit to us. We will create an IVA proposal for your lenders and they will then decide whether to accept it. Most proposals are accepted, but not all.
If it is approved, you are legally required to make the monthly payments for the agreed amount of time as stated in your IVA. When this comes to an end, any outstanding debt will be written off. If your IVA fails, you will be at risk of bankruptcy.
In most cases, an IVA will not affect a person’s job.
However, there are a few exceptions. For example, some companies have rules against taking on an individual if they are currently on an IVA or have been in the past. These include:
If you are worried about how your job might be affected, please speak to a member of our team and we will be happy to offer you advice.
If the IVA is accepted by your lender, they are not allowed to chase you for payments anymore.
If they have any queries about your IVA, they should contact your insolvency practitioner instead – so if you do get a call, direct the lender to them instead.
There is no reason why anybody has to find out you have an IVA. No one (including your friends, family or employer) will be informed about it as it is a private agreement between you and your lender.
Your details will be listed on the Insolvency Register which is a public record, but someone would have to search for you to find your information.
All types of unsecured debt are allowed to go into an IVA, such as:
Kindly note, you cannot use an IVA to pay off secured debts, like a mortgage.
Do not fret, your property will be safe. Your mortgage or rent payments will be considered when setting up an IVA to ensure you have enough money to pay for them. However, you can’t use your IVA to clear your secured debts.
In the final year of your IVA, you may be able to release equity in your home by remortgaging. If this is not possible, your IVA could continue for up to another 12 months.
