What is an IVA?

If you have a significant debt problem (normally over £15,000), you may be eligible to begin a legal process known as an Individual Voluntary Arrangement.

This means that your creditors accept a reduced offer of repayment to settle their debt. By entering into an IVA, your total debt repayments - including costs - you could clear your debts in 60 months

Payments are usually made over five years, after which the remainder of your debt is written off. During the repayment period, all interest and charges are frozen and you will receive no more correspondence from your creditors.

For further information on IVAs please do not hesitate in contacting us on freephone 0800 096 4409

• All interest and charges on your account are frozen.
• Your account is administered by a fully qualified, licensed insolvency practitioner, who takes responsibility for liaising with your creditors and distributing funds on your behalf.
• We can perform a confidential review of your circumstances to see whether you are eligible.
• A legal process for UK residents (excluding Scotland) with a significant debt problem.
• On agreement your creditors accept a reduced offer of repayment in full and final settlement of the debt.
• Payments made in a 5 year term.

*Debt write off applies only where an Individual Voluntary Arrangement is suitable, adhered to and at the end of 60 months. This relates to unsecured debts that were included with an IVA and does not include any secured debts, mortgages, HP or utility bills. Failure to adhere to an IVA can result in bankruptcy. An IVA will affect your credit rating for up to 72 months after the completion of your IVA. Fee payable – this is paid out of your month contributions to your IVA and will be notified to you in advance. Homeowners may be required to re-mortgage after 3 years. Alternative solutions such as debt management may be offered