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Specialist Debt Advice

What is an IVA?

An IVA (individual voluntary arrangement) is a formal arrangement between yourself and the people you owe money to. This means you will pay a fixed affordable amount every month for a period of 5 years based on a percentage of your debt. At the end of the 5 years your IVA will be complete and the remainder of your debt will be written off.

IVA Benefits

IVA Risks

  • Monthly payments from £80 per month
  • No setup fees
  • Your creditors will not be allowed to contact you
  • You will be debt free after 5 years
  • Freeze all interest and charges

  • Your credit rating will be affected
  • If you have equity in your house, you may be asked to remortgage
  • Your creditors may not approve your IVA
  • Any secured debts will not be written off
  • If you stop making payments into your IVA, it will fail

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Do I Qualify?

Is an Individual Voluntary Arrangement right for me?

An IVA might be the best option if:

  • you have debts of £5000 or more
  • you do not have enough money to maintain payments for your debts
  • you owe money to 2 or more companies
  • you do not want to deal with bailiffs or debt collectors yourself

An IVA is a very flexible option and you do not necessarily need to fit into a specific criteria to qualify.