Individual Voluntary Arrangement (IVA)

If you are have more than £15,000 of unsecured debt and are unable to keep up on minimum repayments, then an IVA could be your solution to becoming debt free.

An IVA will be a 60 month repayment period with a tailor made monthly payment to us, which will be evenly distributed between your creditors. At the end of this term all Any unaffordable debt is written off. So you only repay what is affordable after taking into account your personal circumstances.

It is a legally binding contract between you and your creditors, where all interest and charges will stop being added to your debts, and any legal action against you will also be stopped.

IVAs were introduced by the government as is a less severe alternative to bankruptcy. No other debt solution can write off any amount of your debt.

For more information, please call our expert IVA advisors on 0808 131 9110.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)