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IVAs (Typically for Debts over £15,000)

To apply for IVA Advice UK then just complete our IVA enquiry form at the bottom of this page.

1. What is an Individual Voluntary Arrangement (IVA)?
An IVA is a contract between you and your creditors. You agree to pay a monthly sum, usually for 5 years. This is then divided between your creditors, who accept the sum in settlement of the amount you owe them.

2. So how much will I be required to pay?
The monthly payment depends on your income and expenditure, and is agreed so that it will be affordable to you. A standing order authority will be set up and your first payment must be made within one month of work commencing on your behalf.

3. What sorts of people enter into IVAs?
People who cannot pay their debts. If you can't pay your debts as they are due, you then become insolvent and UK law gives you two alternatives - bankruptcy or an IVA. (An SIVA is also being considered by government as an additional alternative to an IVA)

4. Are there any other options?
You could get all of your creditors to reschedule your debts, but this may be difficult if you have a lot of creditors. Some banks and building societies have debt counsellors, and you could try speaking to them. Bear in mind that unlike an IVA, an informal arrangement offers no guarantees. One or more of your creditors could change their mind at a later date, or charge you higher rates of interest later if your circumstances improve. You may also take longer to finally clear your debt.

5. What are the advantages of an IVA?

• We help you to calculate what you can afford, and you make just one payment to your client account by standing order each month. The payment amount is the same over the whole period of the IVA unless your circumstances change and you can afford more. Typically, your circumstances will be reviewed annually.
• Once your IVA is approved, all of your creditors are legally bound by its terms, as long as you keep paying your agreed monthly sum.
• Once the agreed term of your IVA is over (usually after 5 years) you have no further obligations to your creditors. At this point you stop paying the monthly sum, and can start afresh.
• Your employment will probably not be affected. In fact, your employers will not know about your IVA unless you choose to tell them.
• Unlike bankruptcy, an IVA is not advertised in the local press and does not exclude you from running a business or lead to many professions terminating your employment.

We guarantee DISCREET & IMMEDIATE HELP if:

you owe £15,000+ (see Note1 & Note 3)
you have a minimum of 2 creditors (See Note 2)
you are in paid employment

Why use an IVA?
IVA Advice UK offers a real solution, where other informal debt solutions such as a Debt Management Plan may not.

• You have an agreement with your creditors to make a single reduced payment each month.
• It lasts for a sensible period of time (normally 5 years).
• Once agreed, creditors are not allowed to add further interest or charges to your accounts by law.
• The agreement is fixed, meaning that creditors cannot randomly demand changes to it.