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Is an IVA right for you?
The IVA Advisory Centre offer advice about IVAs and other solutions for people with all kinds of financial problems.
Our team of specialists are here to help answer any questions about IVAs. You can call our helpline on 0800 970 5489 for help right away.
Find out if you qualify for IVA
Discover the options available to you by filling in a few details about yourself and your debts
We would always recommend you speak to a debt adviser for the most appropriate way to resolve your debt problems. Call our experts on 0800 970 5489 (mobile calls may be cheaper on 0161 605 4826).
Why choose an IVA to tackle your debts?
An IVA (Individual Voluntary Arrangement) could be your way out of unmanageable debt without declaring yourself bankrupt. With an IVA you could:
- Repay your unsecured debts without the need for a loan
- Have one repayment tailored to your circumstances
- Potentially freeze interest and charges
- Deal with your creditors on your behalf
If you enter an IVA, your monthly payments will drop down to a level you can afford after you've taken your essential bills into account.
It would stop your lenders taking legal action against, including trying to make you bankrupt. And it should keep you in your house, since you wouldn't feel forced to use your mortgage/rent money to keep up with your unsecured debts.
What's more, it'll give you a clear path to a debt-free life in just 5 years (in most cases): as soon as your IVA comes to a successful close, your lenders would write off the unsecured debt you couldn't afford to repay in that time.
Let's say the unsecured debts
to your creditors looked like this:
| Personal loan A: | £8,000 |
| Personal loan B: | £5,000 |
| Credit Card: | £15,000 |
| Total debt owed: | £28,000 |
| Total debt repaid: | £14,000 |
| Monthly payments: | £236 |
IVA repayment is based on affordability and varies from case to case.
Key Information
Your questions answered.
Our team of experts are here to answer any questions you have about IVAs and debt in general.
Ask us a question and join in with our online community. One of our experts is here to help.
Need debt advice?
If you want immediate advice, talk to someone who knows all about IVAs -
and all about debt.
Need help now? Have our experts call you back click here.
IVA FAQs
What exactly is an IVA?
How much would an IVA cost?
Who is involved in an IVA?
How does the process work?
Repay your debts
With an IVA you can repay your debts, get protection from creditors and help you keep the home you are living in. Find out more >
Who are IVA Advisory Centre?
IVA Advisory Centre are part of the Think Money Group, one of the largest and longest-established debt specialists in the UK. We’ve been recognised many times as a first-rate provider of financial services and debt advice. To find out more click here.
Speak to our IVA team on 0800 970 5489.
Alternatively, have an IVA adviser call you back click here.
Key information:
What fees are involved?
Once you've discussed your situation with one of our advisers, they may recommend that you enter a specific debt solution. Should you do so, fees will be charged. As one of the UK's longest-established debt solution providers, we are committed to providing an excellent service - and charging competitive fees. Click here for more on our fees.
Will my credit rating be affected?
Entering an IVA will affect your ability to obtain credit for 6 years. However, IVAs are only an option for people who are facing serious debt problems - so whatever approach you now take, your rating is certain to be affected. An IVA could be the best way to minimise the effect - as six years after it starts, your IVA and your debts would be gone from your credit report.
What if I change my mind?
You are not under any obligation to enter a debt solution. Should you decide to do so - and subsequently change your mind - you will have the right to cancel the agreement at any point during the first 14 days of accepting the terms of engagement and claim a full refund of any fees you’ve paid us. Remember, IVAs are legally binding and once approved do not have a "14 day cancellation" period.
Download our Insolvency Service guide to dealing with creditors click here.
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA, alternative solutions may be offered. If your IVA fails, it could lead to Bankruptcy. Your ability to obtain credit will be affected for 6 years. Homeowners may be required to release the equity in their property. Telephone calls may be recorded for training and quality purposes.
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