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The information provided on the IVA.com website illustration is approximate and should only be used as a guide. Please seek debt advice from an authorised debt solution provider before making a decision on how to best deal with your debt situation. Please read this important information.

Important Information:

Before entering into a debt solution you should ensure that you have considered the implications. Failure to keep up with repayments can result in bankruptcy or legal action. Lenders are not obliged to accept less in settlement of a debt than they are entitled to or to freeze interest or charges. Not all solutions involve debt write off and some solutions may result in the total amount payable increasing, or the period over which it is to be repaid increasing. Debt solutions will affect your credit rating which records all financial activity for 6 years. Conditions apply and each application will be subject to acceptance and eligibility.

Start my IVA online

  • Create your draft IVA proposal in minutes
  • Find out write off and monthly payment
  • No fees for you to pay
  • £200 compensation if rejected at creditor meeting
  • Proposal will be reviewed by expert team
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A Service you can Trust

Iva.com prides itself on providing a personal service to its clients. To us you are a name and not a number.

  • We offer a personal service, you will have a dedicated advisor as your contact
  • You can contact us out of hours including weekends
  • We are not pushy and will go at your pace
Keith White, Senior Debt Advisor, talks about IVAs. Contact Keith White directly here.

Before you enter into an IVA you should consider the advantages and disadvantages as outlined below.

You will make affordable monthly payments over a fixed period, usually 5 or 6 years.
Your credit rating will be adversely affected and it may take time for the credit rating to repair.
Once you have made your final payment into the IVA, any remaining debt is written off.
An IVA will only deal with unsecured debts and creditors do not have to accept an IVA proposal.
Creditors must freeze all further interest, cannot take further legal action and will not make contact during the IVA.
Whilst in an IVA there are restrictions on a person's expenditure, and payments may go up as well as down.
Property (such as a family home) is not at risk as it could be in Bankruptcy.
Home owners may have to release available equity from their property through a remortgage, which may be on less favourable terms.
You may be able to offer a lump sum as a full and final settlement of your debt.
If a remortgage is not possible, the IVA may be extended for up to 12 months.
You will not have to deal with your creditors directly, this is done by your IVA supervisor.
If the IVA arrangement was to fail, due to non-payment or not meeting the terms of the IVA, there is a risk of bankruptcy.

* There is no set limit to the write off amount, you will always pay as much as you can afford during the IVA. Some people may pay back most of their debt, others may not be able to.

**You will always pay what you can afford during an IVA. The minimum monthly amount accepted by creditors is approximately £80 a month, but you may pay more than this if you can afford to.

***If the creditors accept the IVA they have to freeze interest and charges and stop all legal action. Home owners may have to release available equity from their property through a remortgage, which may be on less favourable terms. If a remortgage is not possible, the IVA may be extended for up to 12 months.

Debt Statistics

248 people a day are declared insolvent or bankrupt.
(Source: themoneycharity.org.uk)
£30,277 Average debt of each adult in the UK
(Source: themoneycharity.org.uk)
3,321 CCJs are issued every day
(Source: themoneycharity.org.uk)

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

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Click on the link below for advantages, disadvantages and FAQs about IVA.


  • An IVA or Individual Voluntary Arrangement is a legally binding agreement with Creditors.
  • It allows someone who is in financial difficulty to make a formal proposal to settle their debts within a reasonable and fixed period of time - normally 5 years, though this can vary depending on your situation.
  • Monthly repayments are based on what you can afford to pay.
  • After the agreed payment period, any outstanding debt will be legally written off by your creditors.
  • This solution is available to people living in England, Wales or Northern Ireland. If you live in Scotland you may be able to apply for a Scottish Trust Deed which is a similar solution, but it's important to note that it has different benefits, risks and fees associated with it.
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Important information

M Howorth FCCA MIPA MABRP is licenced to act as an Insolvency Practitioner by the Insolvency Practitioners Association.