ClickCease

Apply for an IVA

  • Stop your creditors taking action
  • Write off large portions of your unsecured debt*
  • Reduce your monthly payments

May not be suitable in all circumstances. Fees may apply, read here. Entering into an IVA will affect your credit rating, read here.

Check how an IVA can help

    Monthly payment

    Total debt repayable

    Write off saving






    Write off unaffordable debt*
    Lower your debt repayments
    Stop interest & charges soaring
    Let us handle your creditors

    Apply for IVA advice if:

    • You owe £6,000 or more in debt
    • Money is owed to two or more creditors
    • You have a regular monthly income

    Residents in England and Wales have a right to debt help, and several tried and tested solutions can help not only to write off debt but also reduce pressure from creditors and freeze interest and charges.

    An Individual Voluntary Arrangement (IVA) could be one option that holds the key to your debt-free future.

    Check if you qualify

    A typical example of an IVA*

    • Personal unsecured debt: £39,500
    • Number of lenders: 5
    Loan(s) £17,000
    Overdraft £3,000
    Credit Card(s) £13,500
    Store Card(s) £4,500
    Utility Bill(s) £1,500
    Total Owed £39,500

    Your monthly debt repayments:

    £689

    Previous

    £137

    New

    DEBT REDUCED BY 78%

    *A debt write-off amount of around 78% is realistic based on the average figures of IVA clients between June 2023 to June 2024. We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable.

    Money Advice - leading Debt Help & IVA specialists

    Dealing with debt can be difficult,
    so we've broken it down into 3 easy steps.

    1

    Speak to a debt specialist

    Our friendly, experienced team will explain the IVA process.

    2

    Explore your options

    There’s no pressure to make a quick decision. Our goal is to help you understand if an IVA is suitable.

    3

    Choose your debt solution

    Select the best fit for your circumstances and lifestyle.

    Check if you qualify

    How we helped Julie

    Friendly reassuring and professional.

    I would highly recommend money advice, from the initial conversation my mind was put at ease and the whole process was fast efficient and I was kept updated every step of the way.

    payment icon

    £100

    Monthly payment

    debt amount icon

    £25,208

    Debt amount

    write off icon

    77%

    Debt write off

    IVA reviews

    Julie

    How we helped Chelsea

    Fast. Friendly. Efficient.

    Absolutely brilliant. Very fast, friendly and efficient. Haley and Amy are lovely ladies that genuinely made an embarrassing situation for me feel a whole lot better. Thank you so much.

    payment icon

    £90

    Monthly payment

    debt amount icon

    £9,097

    Debt amount

    write off icon

    41%

    Debt write off

    IVA reviews

    Chelsea

    How we helped Ewan

    Excellent service

    Very well-spoken and clear at getting the message across. Answered all questions promptly and with confidence.

    payment icon

    £200

    Monthly payment

    debt amount icon

    £18,026

    Debt amount

    write off icon

    34%

    Debt write off

    IVA reviews

    Ewan

    How we helped Kirsty

    Very helpful and easy to talk to

    Really makes you feel at ease. Really easy to talk to, explained everything in detail and again when needed.

    payment icon

    £104

    Monthly payment

    debt amount icon

    £28,407

    Debt amount

    write off icon

    79%

    Debt write off

    IVA reviews

    Kirsty

    How we helped Barry

    Great service and understanding

    Really understanding and caring, great advice from lovely staff who made me feel at ease from start to finish and have helped relieve my stressful situation.

    payment icon

    £150

    Monthly payment

    debt amount icon

    £16,912

    Debt amount

    write off icon

    47%

    Debt write off

    IVA reviews

    Barry

    How we helped Samantha

    Fantastic service

    Simple and easy to start my path to becoming debt free. No judgement and a straightforward process. Everything was explained clearly without any jargon. I can’t thank Shaun enough.

    payment icon

    £100

    Monthly payment

    debt amount icon

    £7,586

    Debt amount

    write off icon

    21%

    Debt write off

    IVA reviews

    Samantha

    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

    If you are unsure whether a debt can be included, please call our helpline on 0161 640 6400, and a member of our team will be happy to assist you.

    Learn more
    customer happy with debt help and signs up to IVA to get them debt free

    IVA Debt Help FAQ

    An IVA is a formal arrangement between the customer and creditors (which is legally binding) to pay all or part of their debts. The solution is set up professionally by an authorised Insolvency Practitioner. They generally last five years, so the customer would be expected to pay everything they can afford outside of agreed ‘reasonable’ living costs.

    As with any insolvency process, there are advantages and disadvantages. Below are 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.
    • 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 on 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.
    • 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, you should consider the consequences of entering into an IVA. 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 are free to reject your IVA proposal.
    • If you become entitled to any windfalls or inheritance over and above £500 during the term of the IVA, you may be required to pay them 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 to an amended offer; however, if creditors refuse to accept amended terms, the IVA may fail.
    • If your IVA fails, you may still owe your creditors the amount you owe at the outset of the IVA.
    • IVAs are recorded on the Insolvency Register, which is a public register.
    • An IVA remains on your credit file for six years after it is accepted, which may harm your credit score.

    Your IVA will be registered on your credit record and it will stay on the register for the period of your IVA and for up to 12 months after your IVA has concluded. The effect of your IVA on your credit rating will depend to some extent on what your credit rating was like before you commenced your IVA.

    Typically, an IVA lasts for 5 years. During your fifth year, you may be asked to release equity in your home if you’re a homeowner.

    If this isn’t possible, the IVA may be extended by 12 months.

    Upon completion, any outstanding debt will be written off. 12 months later, the IVA will no longer appear on your credit file.

    An IVA typically 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.

    Visit our page for further information if you’re considering an IVA or Bankruptcy.

    Usually, an IVA is a 5 year contract which involves you paying back part of your debts over a set period of time, which legally protects your assets.

    A Debt Relief Order (DRO) is much shorter, lasting 12 months. However, it is intended for those with little to no assets and with low affordability.

    Visit our page for further information if you’re considering an IVA or Debt Relief Order.

    An IVA is a formal agreement, meaning you would have legal protection from your creditors, whereas a Debt Management Plan is informal. Both involve you making monthly repayments to your debts.

    We have provided some further similarities and differences if you are considering an IVA or Debt Management Plan.

    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, we will refer you to an FCA firm regulated to provide advice on alternative solutions.

    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 £90 per month after you’ve covered your essential living costs such as household bills, food, car etc.

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

    Yes, but this is likely to mean that the majority, if not all, of the payments made by you into the IVA will be used to pay the fees and costs of the IVA.

    IVA fees are payable if you decide to go ahead with the solution and paid as a part of your monthly payment – not in addition.

    Your payment into the IVA is based on your individual circumstances. One of our Financial Assessors will help you determine an appropriate monthly amount based on the information you provide about your income and debts.

    Find out further information on IVA Costs and Fees.

    If you do not keep up your monthly payments, this could lead to your IVA being terminated. If your IVA fails there is a risk that the majority, if not all, of the payments made by you into the IVA will be used to pay the fees and costs of the IVA and very little will be paid to your creditors.

    Where we can help?

    We cover England, Wales and Northern Ireland

    We want to help you on your journey towards being debt-free.

    Enquire today

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    Money Advice help over 3,000 people in the UK every year

    Our team of experts help thousands of families get their finances back on track with an IVA.

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    Is an IVA right for you?

    We can discuss your eligibility for an IVA

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    Prefer to speak later?

    We will offer support to help you find a solution.

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