Write off debt you can't afford and regain control

Do I qualify?

If you are interested in applying for an IVA, you must have at least £15,000 of unsecured debt, two or more creditors, are able to afford at least £150 a month towards the IVA.

What is an IVA?

An IVA is a government approved scheme whereby you pay off an agreed amount of debt usually over a period of 60 months. Any debt left at the end will be written off by your creditors. An IVA is a formal arrangement.

IVA Costs

Many Insolvency practitioners will offer an initial free meeting to look at whether an IVA is suitable in your situation. Some IPs may ask for an up-front fee before putting forward the IVA proposal. This could mean that if the proposal is refused by your creditors, you will lose the money you have paid in. We do not charge any IVA set up fees. If your IVA is approved, you pay one monthly payment and that is all.

IVA benefits

• Protect your home (tenants and homeowners)
• Pay off your debts with one affordable monthly payment
• Creditors are legally bound not to contact you
• Become debt free within 60 months

Subject to eligibility and acceptance, debt write-off applies on completion of an Individual Voluntary Agreement, alternative solutions may be offered. Repaying debt over a longer period may increase the total amount to be repaid. Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.