The above statement is in relation to an IVA solution and subject to specific criteria
Reduce up to 75% of all debts*
Lower your repayments
No upfront charges to pay
Stop creditors harassing
Pay an affordable amount each month
Freeze interest rates and charges
The above statement is in relation to an IVA solution and subject to specific criteriaCheck if you qualify
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An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors. An IVA is a legally binding agreement which usually lasts for 5 years.
An IVA can give you more control of your assets than bankruptcy.
The Money Advice Service has information on organisations that can give you free advice about whether an IVA is right for you.
This debt solution is not available if you live in Scotland
Use an insolvency practitioner to get an IVA.
Your insolvency practitioner works out what you can afford to repay and how long the IVA lasts. You’ll have to give details about your financial situation, for example your assets, debts, income and creditors and your credit rating will be affected.
Your insolvency practitioner will contact your creditors. The IVA will start if the creditors holding 75% of your debts by value agree to it. It will apply to all your creditors, including any who disagreed to it.
An IVA will stop your creditors taking action against you for your debts.
Your IVA can be cancelled by the insolvency practitioner if you do not keep up your repayments. The insolvency practitioner can make you bankrupt.
If there is equity in your home, you will need to try to re-mortgage which may result in a higher interest rate or, if no re-mortgage is available, the IVA may be extended for an additional 12 month.
You may still be able to keep your business running, if you have one.
Your IVA will be added to the individual insolvency register. It’s removed 3 months after the IVA ends.
The costs involved in an IVA are:
The nominee fee is the cost for helping you to put the IVA proposal to your creditors. This is subject to approval by your creditors. Depending on who your creditors are and the amount of your monthly contribution it could be either the first five payments into the IVA, or £2,000.
The Supervisor fee is 15% of any further realisations, to cover the on-going costs of the IVA. So, if you entered into an IVA you'd pay monthly contributions or money from assets to pay the nominee fee at first. Then any remaining money you'd pay towards it would go towards the Supervisor fee.
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