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Individual Voluntary Arrangements (IVAs)

Introduced by the government to help people with their unsecured debts
  • Lower your monthly repayments
  • Legally stop lender contact
  • Write off up to 80% of your debt

“They provided an excellent tailored financial
solution which proved extremely useful.”

Do you qualify?

How to find a debt solution
that works for you.

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Quick & Simple

By clicking on ‘DO YOU QUALIFY’ and completing some simple questions about your financial circumstances, you’ll be taking your first step towards a debt free future.

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Free, instant report

With the information you provide, we’ll instantly send you a free report that will explain how we can help you.

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The Solution

Discuss your unique circumstances with one of our accredited advisors. By taking your income and outgoings, we can help you find a debt solution that works for you.

For more help and advice, visit the Money Advice Service, a free independent service set up to help people manage their money. Or find out more about the different options for paying off your debt here.

IVAs are only available in England, Wales and Northern Ireland. IVAs, DROs and Bankruptcy are only available in England, Wales and Northern Ireland.

What is an IVA?

An IVA is a way to pay back your debts over a fixed period – usually five years. So if your debts are going to take you many years to pay back, an IVA can be a way to clear your debts in a realistic timescale.

Your monthly payments are based on your income and outgoings, so you will always have enough money to cover your essential bills. At the end of the fixed period, whatever you haven’t paid back is written off.

Once your IVA is accepted, your lenders cannot contact your for payments or start any legal action. They also cannot add any interest or charges onto your debt.

What an IVA can help
you with

Credit cards

Personal loans

Store cards

Overdrafts

Payday loans

Buy now pay later

Your debt free journey

A quick look at your path
to a debt free future

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Advice

An expert advisor will gather the information needed to assess your situation. They will help you decide if an Individual Voluntry Arrangement is right for you.

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Options

The specific debt solutions available to you will be explained in a way you will understand. That way you will be able to make an informed decision based on your circumstances.

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Proposal

Once the solution has been decided upon, our trusted provider will take care of the rest. They will negotiate with your lenders so you don’t have to.

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Solution

You will then make monthly payments you can afford until you successfully complete your arrangement. Once completed, you will have repaid the debt included in your plan.

Start to get debt free

Find a solution

There’s a solution for every problem

Brilliant service , explained everything in as much detail as possible. Really feel like a huge weight has been taken off my shoulders. Worked with me every step of the way.

Kevin.

Kevin wrote off 75% off his debt with an IVA

Things to consider

More about Individual Voluntary Arrangements

A look at the figures

Typical Individual Voluntary Arrangement

Personal unsecured debt

£33,080

Number of lenders

9

Previous monthly debt payments

£717

New monthly debt payments

£177

These figures are based on the averages across all IVAs arranged in 2016. We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable. Read about fees and key information here.

Start to get debt free

Find a solution

Why choose an IVA with Debt Advisory Line

Common questions

Our experienced advisors will look at your financial situation with you and workout, based on your monthly income, what you can realistically afford to pay towards an IVA.

We'll then prepare an IVA proposal for your lenders. This will include:

  • details of your finances
  • the terms of the proposed IVA, and
  • reasons why they should agree to your IVA.

Once accepted, the IVA will be legally binding on your lenders and you'll start making your monthly payments for the agreed term. After your last payment, any outstanding debt, including interest and charges, will be written off. If your IVA fails, you are at risk of bankruptcy.

The vast majority of people will find that their job is not affected. However, some employers do have rules against employing people in certain roles, who are, or have been on an IVA.

The jobs affected tend to be:

  • if you're responsible for money, e.g. an accountant, or
  • if you advise people about their money, e.g. a mortgage advisor

If your job is likely to be affected, our advisors will discuss this with you.

Yes, if your IVA is accepted, your lenders have to stop contacting you and chasing you for payments.

You'll be protected from any legal action from your lenders too.

You can use an IVA to pay off any of your unsecured debts.

These include:

  • Personal loans
  • Overdrafts
  • Credit and store cards
  • Catalogue debt
  • Council Tax arrears
  • Benefit arrears

You can't use an IVA to pay off your mortgage or any secured loans – you'll need to continue paying these. Your monthly IVA payments will take these into account, so you'll have money available to pay them.

Your IVA is a private agreement between you and your lenders. You don't have to tell anyone you're on it if you don't want to.

Your name will be listed on the publicly available Insolvency Register until three months after your IVA ends. To find your details on the register, someone would have to search for them.

Your home will be safe on an IVA.

You may be asked to release equity by remortgaging in the last year. If you can't, the IVA would continue for up to another 12 months.

If you rent, your new monthly payment will leave enough money to cover your rent.

Our experienced advisors will look at your financial situation with you and workout, based on your monthly income, what you can realistically afford to pay towards an IVA.

We'll then prepare an IVA proposal for your lenders. This will include:

  • details of your finances
  • the terms of the proposed IVA, and
  • reasons why they should agree to your IVA.

Once accepted, the IVA will be legally binding on your lenders and you'll start making your monthly payments for the agreed term. After your last payment, any outstanding debt, including interest and charges, will be written off. If your IVA fails, you are at risk of bankruptcy.

The vast majority of people will find that their job is not affected. However, some employers do have rules against employing people in certain roles, who are, or have been on an IVA.

The jobs affected tend to be:

  • if you're responsible for money, e.g. an accountant, or
  • if you advise people about their money, e.g. a mortgage advisor

If your job is likely to be affected, our advisors will discuss this with you.

Yes, if your IVA is accepted, your lenders have to stop contacting you and chasing you for payments.

You'll be protected from any legal action from your lenders too.

You can use an IVA to pay off any of your unsecured debts.

These include:

  • Personal loans
  • Overdrafts
  • Credit and store cards
  • Catalogue debt
  • Council Tax arrears
  • Benefit arrears

You can't use an IVA to pay off your mortgage or any secured loans – you'll need to continue paying these. Your monthly IVA payments will take these into account, so you'll have money available to pay them.

Your IVA is a private agreement between you and your lenders. You don't have to tell anyone you're on it if you don't want to.

Your name will be listed on the publicly available Insolvency Register until three months after your IVA ends. To find your details on the register, someone would have to search for them.

Your home will be safe on an IVA.

You may be asked to release equity by remortgaging in the last year. If you can't, the IVA would continue for up to another 12 months.

If you rent, your new monthly payment will leave enough money to cover your rent.

Take control of your
finances today

As part of our free service, we’ll review your financial situation, explain the available options and recommend a debt solution which is suitable for you. The risks of all suitable solutions will be explained clearly and if you decide to go ahead with a debt solution we will refer you to one of our trusted providers who specialise in the management of that debt solution. We’ll be paid for introducing you or for the preparatory work we do, depending on your debt solution fees may be payable if ongoing services are provided. Read about fees and key information here.

  • Friendly , expert money advisors
  • Private and confidential service
  • Understand all of your options