Write Off Unaffordable Debts With An IVA

Manage outstanding debts with one affordable monthly repayment.

  • See a clear end date on when your repayments will finish.
  • Write off debts you can no longer realistically afford to repay.

May not be suitable in all circumstances. Fees and disadvantages may apply, read here. 


Money Helper (formerly The Money Advice Service) is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here. Please note that we have no affiliation with Money Helper.

Start your journey to financial freedom.

1. Speak to our team.

Our experienced advisors are waiting to help you start dealing with your debts.

2. We guide you.

Find out more about the debt repayment plans available to you.

3. Ongoing support.

Our advisors will support and guide you throughout your journey.

Should you apply for an IVA?

As with any debt agreement, it’s important that you seek professional advice before committing.

An Individual Voluntary Arrangement (IVA), is a formal, legally binding agreement with your creditors to pay back as much of your debts as you can over a set period of time (usually 5 years). The agreement is based on what you can afford and not what you owe. At the end of the period, any remaining debts are usually written-off.

An IVA must be arranged by a qualified and certified professional, called an ‘Insolvency Practitioner’ (IP) for it to be legally binding on all parties. The IP will work with you to assess your finances and determine how much you can realistically afford to repay each month. A payment plan is then prepared and sent to your creditors for agreement. This plan usually consists of monthly payments for the duration of the IVA, but may also include a lump sum or a combination of both. A majority of your creditors must agree to the terms of the IVA for it to work.

To be eligible for an IVA you must meet the following criteria:

  • Have a debt level of roughly £7,000 or more
  • Must have a regular source of income
  • Must be able to make a monthly contribution towards your debts
  • Owe money to at least 2 different creditors

Below are the main advantages of entering into an IVA. To learn more, please get in touch.

  • A single lower monthly repayment – All included debt repayments will be consolidated into a single monthly repayment for ease.
  • Legal protection from creditors – Once you have entered into an IVA your creditors will be prevented from taking further action against you.
  • Stop interest and charges – Once your IVA is active all interest and charges are frozen so they won’t accrue any further.
  • Debt write-off – At the end of your IVA, and as long as you have complied with it’s terms, any remaining debt will be written off in full.
  • Ongoing help and support – Your IVA Supervisor will manage your IVA for you and will be available for help, support and advice
    throughout the term of your IVA.

Below are the main disadvantages of entering into an IVA. To learn more and see how an IVA could impact you, please get in touch.

  • Affect on credit record – As with any formal debt solution, a record of your IVA will be entered onto your credit record for a period of 6 years.
  • Public register – Details of your IVA will be entered onto a public IVA register.
  • Creditors don’t have to agree – You will not be able to go ahead with an IVA if 25% of your creditors (by value) object to it.
  • Spending restrictions – During the term of your IVA you will not be able to obtain credit over £500 without the permission of your IVA Supervisor.
  • Only unsecured debts can be included – Only unsecured debts can be included in an IVA so any secured debts will still need to be dealt with separately.

Debts we can help with

This is not a full list of the debts that can be included in an IVA, please get in touch to see what other debts can be included.

Credit Cards

Unsecured Loans

Payday Loans

CCJ’s/HMRC

Overdrafts

Council Tax

Utilities

Catalogues

Get Started

An IVA may not be suitable in all circumstances. Fees and disadvantages may apply, learn more here. Your credit rating may be affected.

Click here to get started

IVA Frequently asked Questions

An IVA creates a legally binding agreement between you (the debtor) and the people/companies you owe money to (your creditors).

If you cannot afford to repay all of your debts but can make a regular contribution for a set period of time an IVA could be suitable for you.

In general, an IVA will not have any impact on your job. However, in some professions, such as accountancy and solicitors, entering into an IVA could mean that you are unable to practice or will be able to only under certain conditions.

All debt solutions will have an impact on your credit score.

Details of your debt solution will be entered onto your credit record and will remain there for a period of usually 6 years.

Although the initial advice that we offer is completely free, fees will apply should you enter into an IVA. This is the case with all IVA providers due to the ongoing management of your account and repayments.

These fees are detailed in your IVA proposal and will be agreed by your creditors. Typically fees are included in your agreed affordable monthly repayment , not in addition to it.

The amount of debt that will be written off at the end your IVA term will depend on a number of factors, including the amount of debt and your monthly disposable income.

We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable.

Provided that you have abided by the terms of your IVA, any debt remaining at the end of its term will be written off. 

To find out how much of your debt you could write off please get in touch via our contact form above or by calling us on 0161 660 2510.