One of our specialist IVA advisors will contact you to complete a confidential, impartial review your financial situation and check your eligibility for an IVA.
We understand that everyone’s circumstances are different and so our advisors are trained to ensure that they are professional, understanding and offer the highest level of service.
Although there is no charge for our initial consultation call, fees will apply if you decide to enter into an IVA. These are not upfront costs; they are paid out of (not on top of) the agreed monthly payment and will be discussed in detail by your IVA specialist before you make the decision to proceed with the IVA.
An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your unsecured creditors.
If you’re struggling with your unsecured debt, unable to manage both your household bills and your credit commitments, an IVA could be the debt solution for you.
An IVA allows you to set up an affordable repayment plan with the creditors included in the arrangement over a set period of time (typically between 5 - 6 years).
During the term of the IVA your interest and charges are frozen, and your unsecured creditors are unable to take any further legal action against you or chase you for payments. If you own your own property, you won’t be asked to sell you house.
Whilst in the IVA, your circumstances will be reviewed on an annual basis to ensure that the repayment plan is still affordable using nationally recognised spending guidelines. If you come into any money during the term of the IVA, e.g. an inheritance, lottery win, pay rise or bonus, you may have to pay a proportion of the funds received towards your debt
Upon the successful completion of the IVA, any remaining debt and the accrued interest and charges are written off.
As with any formal debt solution (Bankruptcy or Debt Relief Order), your credit rating will be affected for six years from the start date and your name will be added to a Public Register (the Individual Insolvency Register). If you come into any money during the term of the IVA e.g. an inheritance, lottery win, pay rise or bonus, you may have to pay a proportion of the funds received towards your debt.
If you own your own property, you may be required to free up any equity in your property by way of a remortgage to pay towards your debts; - remortgaging whilst on an IVA is likely to be on less favourable terms than your current mortgage. However, if you can’t remortgage, the IVA could be extended by up to 12 months.
It is important that you keep up with your repayment pan. If your IVA fails, you could be at risk of Bankruptcy.