IVA help & advice All you need to know

Apply for an IVA to stop your creditors taking action against you and write off unaffordable debt.

  • Find out if an IVA is the right solution
  • Online IVA Application takes 30 sec
Write off unaffordable debt
Let us handle your creditors
Lower your debt repayments
Stop interest & charges soaring

Apply for IVA advice if...

  • £5,000 or more in debt
  • Struggling to keep up with payments

An Individual Voluntary Arrangements (IVA) may hold the key to your debt-free future & could write off upto 85%* of debts.

IVA’s are available in England, Wales and Northern Ireland.

Money Advice is here to help so start by using our 30-second online form to see if you qualify today.

Check if you qualify

A typical example of an IVA

*Example IVA figures are based on average Money Advice client 2021.

  • Affordable payment
  • Debt reduced by £10,480
  • We manage your creditors
  • Debt-free in 60 months
Loan £7,000
Overdraft £1,220
Credit Card(s) £1,000
Store Card(s) £9,000
Total Owed £18,220

Your monthly payments:

£567

Before an IVA

MONTHLY SAVING £438

£129

After on IVA

DEBT REDUCED BY 57%

IVA advice you can trust

What debts can be included in an IVA?

Some examples you can include in an IVA:
  • Credit / Store Cards
  • Council / Utility Bills
  • Unsecured Loans
  • HMRC Debt
  • Vehicle and Property Shortfalls
  • Overdrafts
Some examples you can’t include in an IVA:
  • Secured Debts & Loans
  • Mortgage or Rent Arrears
  • CSA arrears
  • Unpaid VAT bills

If you are unsure as to whether a debt can be included please call our helpline on 0333 678 5500 and a member of our team will be happy to assist you.

Learn more
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Get debt free

Our IVA specialist & debt advice team will help you
get debt free in 3 easy steps.

Step 1

Complete our online form

Completely Private & Confidential

Our quick and easy assessment will let you know what options you qualify for in 30 seconds.

Step 2

Talk to the experts

Regulated Advice Process

If you are worrying about managing your debt, give us a call today or request a callback.

We understand debt and know it can be difficult, but our trained specialists are here to help without judgement.

Step 3

Take action today

No Obligation Service

Being in debt can be daunting, but putting together an action plan will feel like a burden has been lifted

Let's get started

Our customers success stories

How we helped Erika

I love their approach to these matters. They are quick, very professional, and always there to help with any question or issue that comes up. I am really very grateful to my friend, who told me about this service, and I can only recommend them, they need such a support.

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£93

Monthly payment

debt amount icon

£23,486

Debt amount

write off icon

76%

Debt write off

Get help with debt

IVA reviews

Erika

Our customers success stories

How we helped Louise

Laura was really understanding and sympathetic towards my situation. It’s been a long time coming and took a lot for me to call and I’m glad I got her on the phone. Explained each option to me clearly and made sure I understood.

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£111

Monthly payment

debt amount icon

£15,959

Debt amount

write off icon

57%

Debt write off

Get help with debt

IVA reviews

Louise

Our customers success stories

How we helped Luke

I had Laura helping me and although talking about your finances is difficult I was made to feel relaxed and was put at ease after hearing the advice and help on offer. Highly recommended

payment icon

£292

Monthly payment

debt amount icon

£55,610

Debt amount

write off icon

68%

Debt write off

Get help with debt

IVA reviews

Luke

Our customers success stories

How we helped Sidick

Great & amazing service by the whole team, including Imran , Philippa, Rob & others I spoke to. You show compassion & understanding & most importantly you all listened attentively. You all explained the process clearly without jargons. You demonstrated a lot of respect & gratitude that you care about the person on the other side of the phone. Thank you so much & you will change my life for the better. My true & sincere wishes to you all for everything you do.

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£324

Monthly payment

debt amount icon

£39,428

Debt amount

write off icon

51%

Debt write off

Get help with debt

IVA reviews

Sidick

Our customers success stories

How we helped Terry

I was so embarrassed about my financial situation but I spoke to a lady called Laura who was so so nice, understanding and made me feel relaxed about my situation. She answered all my questions over WhatsApp and even replied hours later when I had follow up questions. I felt no judgement or shame, and came out of it like a weight has been lifted. I get this all seems really corny and rehearsed but I’m being completely genuine.

payment icon

£134

Monthly payment

debt amount icon

£18,628

Debt amount

write off icon

57%

Debt write off

Get help with debt

IVA reviews

Terry

Our customers success stories

How we helped Paul

I initially felt hesitant asking for support as I felt it carried a stigma but Claire made me realise that my family was not alone with money worries and talked me through the process step by step, after the call my wife and I felt a huge weight off our shoulders. I have worked hard for over 40 years but got to a point in life where we couldn’t cope with day to day money worries and I’m so glad I made that initial contact with Claire which is probably the hardest step you can make but the most important one for you and your family to make. Thank you Claire

payment icon

£106

Monthly payment

debt amount icon

£14,780

Debt amount

write off icon

57%

Debt write off

Get help with debt

IVA reviews

Paul

Get help with debt

IVA Debt Help FAQ

This is a formal arrangement between the customer and creditors (which is legally binding) to pay all or part of the debts they have. The arrangements are set up professionally by an authorised Insolvency Practitioner. They generally last 5 years in which time the customer will be expected to pay everything they can afford outside of agreed ‘reasonable’ living costs.

An IVA involves you paying back part of your debts over a set period of time – this is a legally binding contract.

Bankruptcy is a court order. It ends your liability for debts but can mean that your assets are sold in order to pay the creditors back.

An IVA will take around 3 to 6 weeks to set up depending on how quickly you can gather the supporting information required to present to your creditors.

Just because you might not qualify for an IVA does not mean that you won’t qualify for another scheme. There are other arrangements to pay your debts back and one of our Financial Advisors are happy to help you find the right arrangement suited to you.

No, you can enter into an IVA if you’re unemployed, self-employed, part-time, full time, retired or in receipt of benefits. As long as you have a disposable income above £80 per month after you’ve covered your essential living costs such as household bills, food toiletries car etc

You can enter into an IVA if you’re a homeowner, tenant or living with your family/friends.

No, since an IVA is a legally binding contract, you cannot just change your mind as you have agreed to the terms with your creditors.

Typically, IVA’s last for 5 years. If you’re a homeowner you may be asked to pay the IVA for a further 12 months.

Fees are payable if continuing services are provided. Your payment into the IVA is based on your individual circumstances. One of our Financial Advisors will help you determine an appropriate amount per month based on the information you provide about your income and debts. You can find out further information on our fees here 

If you do not keep up your monthly payments, you could be declared bankrupt by the Insolvency Practitioner and your creditors.

Don’t worry if you do not qualify for an IVA, one of our Senior Advisors will be able to determine an alternative solution for you to undertake, based on your individual circumstances.

Where we can help?

We cover the United Kingdom

It doesn’t matter where you are in the UK, we want to help you on your journey towards being debt-free.

Get debt help

A brief introduction to Individual Voluntary Arrangement (IVA)

This is a formal arrangement between the customer and creditors (which is legally binding) to pay all or part of the debts they have. The arrangements are set up professionally by an authorised Insolvency Practitioner.

They generally last 5 years in which time the customer will be expected to pay everything they can afford outside of agreed ‘reasonable’ living costs. We do not administer any other debt solution products.

IVA opportunities can only be offered following an initial fact-finding process. If an individual meets the required criteria for an Individual Voluntary Arrangement, advice can then be provided, therefore, all our advice is given in reasonable contemplation of an insolvency appointment.

A debt write off amount of between 25% and 75% is realistic, however, the debt write off amount for each customer differs depending upon their personal financial circumstances and is subject to the approval by their creditors.

IVA advantages & disadvantages

As with any Insolvency process the are advantages and disadvantages. Below are the some of the advantages to be considered when deciding if an IVA is right for you:

  • No upfront fees are charged for setting up the IVA.
  • If your IVA is approved, creditors who vote against your proposal or who do not vote at all are still bound by it.
  • Creditors whose lending is unsecured can’t take any further action against you once the IVA is approved.
  • Once the IVA is approved, interest and charges are frozen by law provided you keep up your payments.
  • Your insolvency practitioner will help you prepare your proposal, including agreeing the level of your household and personal spending based on guidelines acceptable to creditors.
  • You make only a single payment each month. Your insolvency practitioner is responsible for administering and distributing your payments.
  • If your circumstances change for the worse, the IP can in certain circumstances authorise a payment break or go back to creditors and ask them to vary the terms of the arrangement.
  • You will never be forced to sell your home in an IVA.
  • On successful completion of the IVA, the balance of what you owe your unsecured creditors included within the IVA is written off.

As with any insolvency process there are consequences of entering into an IVA, which must be considered. These include:

  • During the term of the IVA there are restrictions placed on your expenditure.
  • Not all debts can be included in an IVA, for example student loans, child support and maintenance, magistrate court fines and social fund loans are excluded from an IVA, but an allowance can be given to enable you to continue repaying these.
  • Creditors may not approve your IVA.
  • If you are a homeowner you may be required to release equity in the final year of the IVA through remortgaging. If you are unable to remortgage then your arrangement could be extended for up to 12 months in lieu of the equity available in your property.
  • If you become entitled to any windfalls or inheritance over and above £500 during the term of the IVA these funds are to be introduced into the arrangement.
  • If you fail to make the payments due under the terms of your IVA, then your arrangement could fail. If your circumstances change, the IP can ask creditors to agree an amended offer, however if creditors refuse to accept amended terms, the IVA may fail. You may then still owe your creditors the amount that you owed at the outset of the IVA.If your IVA fails, the it could lead to you being made bankrupt.IVA’s are recorded on the Insolvency Register, which is a public register. An IVA remains on your credit file for 6 years after it is accepted, and may have a negative effect on your credit score for up to six years after the IVA is accepted.

Money Advice UK help over over 5,000 people every year

Our team of experts help thousands of families every year across the UK get their finances back on track.

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*To find out more about managing your money and getting free advice, visit Money Helper, independent service set up to help people manage their money.

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