Pay off debts with an IVA

An IVA (Individual Voluntary Arrangement) could be your way out of unmanageable debt without declaring yourself bankrupt. With an IVA you could:

Write off the debt you can’t afford
Pay off your debts in (normally) 5 years
Keep the house you are living in (tenants can also apply)
Prevent or stop legal action, including bankruptcy
Freeze interest and charges on your debts

What is an IVA?

An IVA is a legally binding agreement between you and your creditors. They agree to accept lower payments, not to take (or continue) any legal action against you, and to write off the debt you can't afford to repay. You agree to pay as much as you can over a fixed period (normally 5 years).

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When would I consider an IVA?

An IVA could help if your debts are out of control and you can't see a way to pay them off. It could be that you simply owe too much, or because interest and charges are piling on the debt faster than you can clear it.

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What are the consequences of an IVA?

If you do not keep up with your repayments you may be declared bankrupt
If your circumstances improve you may have to pay more
Your IVA will appear in a public register and on your credit record
You may have to release equity from your property

How would IVA Advisory Centre deal with my IVA?

Our Insolvency Practitioners will work with you to draw up an IVA proposal, telling your lenders what you can afford to repay. If enough of your lenders agree, the IVA can go ahead. Stick to your side of the deal and any outstanding debt will be written off when the IVA comes to an end, leaving you debt free!

Ms. N. S - Dyfed says this about us:

"I have always had the best support and help from your staff... every member of staff so far has been an enormous help to me and I can now sleep again at night!"

Speak to our IVA team on freephone 0800 970 5489

Alternatively to apply for a free call-back click here

Subject to eligibility and acceptance. Debt write off applies only on completion of an IVA, alternative solutions may be offered. Initial advice is free, fees payable for continuing services. Your ability to obtain credit will be affected for 6 years. Homeowners may be required to release the equity in their property. Calls may be recorded.