What is an IVA?
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An IVA is an Individual Voluntary Arrangement. It is a legally binding contract between you and the people that you owe money to, your creditors. It is governed by the Insolvency Act 1986. An IVA normally lasts for 5 years. During this time you pay a fixed amount per month and in some cases one-off contributions, often by raising equity from a property. The money that you pay into the IVA is then divided up and paid to your creditors. The total money that you pay will usually be less than you owe but will be accepted as full and final settlement by the people that you owe, the debt to.
For more information please visit our IVA Page.
Important Information About Our Service & Fees
Whilst we strive in all cases to negotiate the best deal with your creditors, we cannot guarantee a reduction in interest or charges. Also as one of the largest providers of debt management solutions in the UK, we are able to provide initial advice over the phone without charge, however, if a debt solution is taken out, please be aware that fees will be charged. We aim to keep these fees as low as possible and believe that we are very competitively priced. View more detailed information on our fees including examples for each product here.
Further Additional Information
The insolvency service has produced a guide for people who are struggling with debt, which outlines each of the available solutions.
If an IVA is not maintained it could lead to bankruptcy.
