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See if you are eligible Check now

Write off up to 80% of your debt

We can help you:

Get your interest and charges frozen

Protect yourself from creditors

Get debt free

Check NowTakes 60 seconds

How an IVA has
helped 1000s of people

How an IVA has
helped 1000s of people

Once accepted you will benefit from:

  • Upon completion debts included in the IVA are written off
  • Your interest and charges are frozen
  • Lower monthly payments
  • You won’t have to sell your home
  • Your lenders cannot contact you or pursue you for legal action
  • Include all your unsecured debts including: credit cards, store cards, overdrafts, personal loans, payday loans & CCJs

An IVA will show on your credit file for 72 months.

You are not alone

However bad things might seem right now, the good news is that every debt problem can be solved. All our customers have access to a Relationship Manager.

See if you are eligible

Check Now

For more help and advice, visit the Money Advice Service, an independent service set up to help people manage their money. You can find Government guidance on dealing with your creditors here. IVAs are not available in Scotland.

What is an IVA?

An Individual Voluntary Arrangement, or IVA, is one way for people to get back on top of their unsecured debt repayments. It is a formal agreement between you and your creditors that can help you repay your debts in an affordable way. You’ll make repayments over a fixed term - usually five years - and your interest and charges are also frozen. An IVA will affect your credit rating for six years from the start date.

If you come into any money during your IVA – through a pay rise, a bonus, or inheritance – you might have to put at least some of it towards your debt. At the end of an IVA, any remaining debt included in the IVA is written off along with the interest and charges.

Once a proposal has been put together, it’s sent to your lenders and they’re asked if they’ll accept the reduced payments.

Read More

If you come into any money during your IVA – through a pay rise, a bonus, or inheritance – you might have to put at least some of it towards your debt. At the end of an IVA, any remaining debt included in the IVA is written off along with the interest and charges.
Once a proposal has been put together, it’s sent to your lenders and they’re asked if they’ll accept the reduced payments.

How an IVA works

Four easy steps towards a debt free future

One.

Use the IVA checker and if eligible, we’ll put together a proposal for your lenders

Use the IVA checker and if
eligible, we’ll put together a proposal
for your lenders

Two.

Once it’s agreed, you’ll make one,
affordable monthly payment

Three.

We will talk to your lenders and deal with all the paperwork

Two.

Once it’s agreed, you’ll make one, affordable monthly payment

Three.

We will talk to your lenders and deal
with all the paperwork

Four.

On completion, all debt included in your IVA is written off

On completion, all debt included in
your IVA is written off

You could write off up
to 80% of your debts

Check now

How an IVA could
help you

Sarah’s story

How an IVA worked for one of our customers

Having separated from her partner and losing her job, Sarah turned to us for advice. After reviewing her circumstances, we recommended an IVA as the ideal solution for her financial troubles. This helped to clear her debt at an affordable monthly rate.

Figures based on an actual customer who was recommended an IVA. IVAs are subject to acceptance, we may suggest alternative solutions depending on your individual circumstances. Fees Payable.

Total unsecured debt

£22,207

Old monthly payment

£587

New monthly debt repayments

£167

Monthly reduction

£420

Debt written off

£12,188

Term

5 years

Figures based on an actual customer who was recommended an IVA. IVAs are subject to acceptance, we may suggest alternative solutions depending on your individual circumstances. Fees Payable.

We managed to get over half of Sarah’s debt written off
Andrew, Debt Free Team, Advisor

You could write off up
to 80% of your debts

Check now

What debts can you include in an IVA

We are used to working with various credit providers. This experience means
we know what they look for when deciding to accept your IVA.

  • Catalogues
  • Personal Loans
  • Credit Cards
  • Debts to family & friends
  • Overdrafts
  • Gas and electric arrears
  • Council tax arrears
  • Water arrears
  • Payday Loans
  • Store Cards
  • Income tax
  • National Insurance arrears
  • CCJs
  • Water arrears
  • Payday loans
  • Store Cards
  • Income tax
  • National Insurance arrears
  • CCJs

Everyone has a
unique story

  • We’ll listen to you and then provide impartial advice through our confidential service. Your details won’t ever be sent to anyone else
  • You’ll only ever receive personalised and professional advice from our expert team, as we’re dedicated to helping you
  • We help you get out of debt so you can secure peace of mind and enjoy a bright future

Frequently asked questions

How does an IVA work?

By using our free online IVA checker, you can quickly find out if you’re eligible. Once you’ve been cleared, an expert adviser will be in touch to further understand your circumstances. From there, we’ll work out how much you’ll be able to pay on a monthly basis.

We can then handle the next steps. We’ll put together an IVA proposal for your lenders. Most proposals are accepted, but it’s up to them if they wish to go ahead. Once it’s approved, it is your legal requirement to meet the monthly repayments agreed in your IVA.

Once your IVA has ended, your remaining debt is written off. Do note, however, if your IVA fails then bankruptcy could be a possibility.

Will an IVA affect my job?

It is unlikely an IVA will affect your employment. Despite this, there have been occasions where company rules have been created which state an employee should not have an IVA, or have ever had one. The most common examples of this are:

  • Roles involving finances, such as an accountant
  • Roles involving financial advice, such as a mortgage adviser

To find out more about whether your employment could be affected, please contact our team and we’ll provide you with impartial advice: 0161 850 9783.

Will lenders stop chasing me?

Once the IVA has been accepted, your lenders can’t chase you for repayments. If they do have any questions about your IVA, they’ll need to contact your insolvency practitioner.

Will people know I'm on an IVA?

Whilst we understand your concerns, there’s no reason for anybody to know you have an IVA - this includes your family members, friends, or employer. An IVA is a private agreement between yourself and your lenders.

Your details will be listed on the Individual Insolvency Register, however, which is a public record. To find this information, a person would have to search for your details, but these will be removed from the register three months after your IVA has been completed.

Will my home be affected?

The great news is your property will be safe – mortgage or rental payments are taken into account during the IVA setup process. This ensures you have spare money to pay for your housing requirements.

In the final year of your IVA, you could also be cleared to release equity from your home. If this isn’t possible, then your IVA may continue for an extra 12 months.

What debts can go into an IVA?

Various types of unsecured debt can be added to an IVA. Examples include:

  • Overdrafts
  • Credit and store cards
  • Personal loans
  • Council Tax arrears
  • Benefit arrears

Please note, an IVA can’t be used to pay off secured debts, an example being a mortgage.

You could write off up
to 80% of your debts

Check now
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As a resident of Scotland you have alternatives to an IVA

Find out more