IVAs
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a government approved debt solution that helps people in England, Northern Ireland and Wales who are struggling with unsecured debt. An IVA is a legally binding agreement between you and your creditors, managed by a licensed Insolvency Practitioner, allowing you to consolidate your debts into one affordable monthly payment - usually over 5 to 6 years. We understand financial struggles and the stress it can cause. We are here to help you get back on track. If you are struggling with your unsecured debt, unable to manage credit commitments, household bills and looking for a structured way to take control of your finances, an IVA could be the right solution for you.
If you decide to proceed with an IVA, there are fees applicable. These fees are included in your affordable monthly repayment and not on top of. An IVA is available to residents of England, Northern Ireland and Wales, Scottish residents can find a similar formal solution in the form of a Protected Trust Deed.
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May not be suitable in all circumstances. Fees apply, your credit rating may be affected.
HOW DO I KNOW IF IM ELIGBLE FOR AN IVA?
YOU MUST BE OVER 18 YEARS OLD
YOU MUST OWE MONEY TO TWO OR MORE CREDITORS
YOU MUST HAVE A MINIMUM OF £6000 IN UNSECURED DEBT
YOU MUST LIVE IN ENGLAND, WALES OR NOTHERN IRELAND
YOU MUST BE ABLE TO AFFORD A MINIMUM OF £100 MONTHLY REPAYMENTS
WHAT CAN AND CANNOT BE INCLUDED IN AN IVA?
YOU CAN INCLUDE:
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Catalogue and store card debts
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Credit cards
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Personal loans
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Overdrafts
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Gas, electricity and water bill arrears
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Council tax arrears
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HMRC debts
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Tax credit / benefit overpayments
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Universal Credit Advances
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Parking tickets
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Payday loans
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Hire Purchase Shortfalls
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Other unsecured debts
YOU CANNOT INCLUDE:
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Hire purchase agreements
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Debts incurred through fraud
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Court fines
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TV licence arrears
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Student loans
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Child support arrears
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Social fund loans
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Mortgages
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Other secured loans
WHAT ARE THE BENEFITS AND RISKS?
BENEFITS:
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1 affordable monthly payment
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Remaining debts are written off on completion of the IVA
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You are legally protected from people you owe money to
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Interest and Charges are completely frozen
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Professional support - your arrangement is managed by a licensed Insolvency practitioner, they will handle all communication with creditors
RISKS:
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If you are a homeowner with equity in your property, you may be required to produce part of your share in the final year of arrangements. If you are unable to do this, your IVA could be extended for up to 1 year.
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If you have a change in circumstances and cannot pay your IVA payments, your IVA could fail. Your IP should try and work with you and people you owe money to, to amend the terms of the IVA, creditors may not accept the amended terms.
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If your IVA fails you will be liable for the full amount of the remaining debts, minus what you have paid under the IVA.
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If your IVA fails the people you owe money to may take bankruptcy proceedings against you.
Our Mission
We aim to help as many people as possible in the UK resolve their debts and create financial freedom, with a happier stable life. we understand the pressure, stress and shame that can be felt through hard financial times. We are here to help you - you are not alone.