An IVA (Individual Voluntary Arrangement) is a debt solution available to people with debts over £15,000. When you are struggling with large debts an IVA can help to make your debt payments manageable to you. The government introduced the IVA in 1986 to help over indebted individuals agree a payment structure with their creditors which offers them protection from bankruptcy, fines and court judgements.
In an IVA you make one monthly payment that you can afford (based on your income and living costs). You make this monthly payment for a fixed period of time (usually 5 years). After your payment plan is complete you may have some debts left. Your creditors will legally write off these debts, meaning you have no more debt. In some cases you could see up to 70% of your debts written off.
Every month more than 3,500 people opt for an IVA as their debt solution of choice.
If you are struggling with your debts an IVA could be a suitable option for you. Speak to one of our advisors to find out more.
An IVA could be the right choice for you if you:
If you cannot find out the information you need on IVAs in our website, you can Chat online to one of our debt advisors who know everything you need about the IVA. We will be happy to help you find the perfect debt solution for your circumstances.
A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any service or debt repayment plan. In the IVA our fees are included in your monthly payment to your creditors so you will not have to pay anymore than you can afford. More suitable debt solutions may be offered which may result in different fees applying and we will discuss those with you during your initial consultation. Read further information. Creditors may still contact you with promotional material or to fulfil contractual obligations to you but they should deal with us in all aspects relating to the outstanding debts.
Acceptance of your IVA cannot be guaranteed but we will do our best. You must meet certain criteria which will be discussed with National Debt Relief advisors. Where we put a client forward for an IVA we believe they have an excellent chance of being accepted. Debts will only be written off where a client has made an agreed payment for a fixed period. In return the creditors agree to write off the remaining balance. Typically, our clients average debt write off is between 60-70% of the debt. What debt you have written off will depend on your individual circumstances and is subject to creditor approval and completion of the IVA. Your credit rating may be impacted for up to six years from the commencement of you IVA. Homeowners may be required to introduce equity if available.
Phonecalls: Calls from a landline are normally free. Please consult your provider if you are unsure. Calls from a mobile may be subject to charges. If you get charged just ask us to call you back for free.