What is an IVA?

An IVA ( Individual Voluntary Arrangement ) is a government solution created to help people clear their debts instead of going bankrupt. With an IVA you only pay back what you can afford to pay each month.Because an IVA is legally binding, your creditors cannot alter the terms of the agreement at any stage.

The duration and payments of an IVA are fixed. In most cases a large portion of your debts are legally written off . This means you could only pay back a small percentage of your debts. You will know exactly when you will be debt free.

Is an IVA with Debt Solutions the right choice for you?

An IVA is the right choice for you if you:

• have debts over £15,000,
• can afford to pay at least £200 to your creditors each month,
• are struggling to repay your monthly creditor payments.
  

An IVA may be right for you and you could have a large portion of your debts legally written off.

To find out more about IVAs contact us at Debt Solutions

• Call us free on 0800 043 0200 and speak to one of our friendly advisers,
• Fill in the Free Debt Advice Form on this page and one of our advisors will call you back,
• Use our Debt Solutions Budget Calculator to see is an IVA is right for you,
• Fill out our IVA Application Form now.

Advantages of an IVA

With an IVA you could:

• Be Debt Free in 60 months
• Have all interest frozen
• Tenants and homeowners welcome
• 1 easy monthly payment
• No upfront fees
• Protection from creditors
• Creditor pressure stopped

What are the fees for an IVA?

An IVA is structured so that your creditors agree how much fees are charged for setting up and supervising your IVA agreement. This fee is taken from the overall amount that you pay into the arrangement so you will never pay any more than your monthly payment.

For Example: If your monthly payment is £220 and the duration of your IVA lasts 60 months, you will only ever pay £13,200 (220 x 60). Any remaining debts will be written off.

Since the fees are decided and settled by your creditors, you only need to worry about choosing the right IVA provider who will give you the service you require

IVA frequently asked questions

Read our Individual Voluntary Arrangements Frequently Asked Questions (FAQ)

Apply for an IVA with us and we will tell you if an IVA is your best option