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Welcome to IVA-Guide.co.uk.
The term IVA stands for ‘Individual Voluntary Arrangement’. It’s one of the debt solutions you can use if you live in England, Wales, or Northern Ireland. You cannot use an IVA if you live in Scotland. It’s a formal type of payment plan that can result in part of your debt being written off. IVAs are arranged and managed by well-qualified Insolvency Practitioners.
If you cannot afford to pay your debts, an IVA might be a suitable solution. You pay back what you can afford for an agreed period of time. In return, your creditors write off the remaining debt when you complete the agreement. There’s some flexibility about how any assets you own are treated.
Because IVAs treat assets more flexibly than bankruptcy, this solution is often used by homeowners. If you cannot become bankrupt, or a debt management plan would last too long, an IVA could be a suitable alternative. You should carefully consider all of your options before deciding to go ahead with any particular debt solution.
Please read our information pages about the different debt solutions you can use. You’ll find links to more in-depth pages covering specialist information that may be relevant to you.
You can also contact our advice team. They’re experienced debt experts and offer you friendly confidential debt advice. The stress and strain of debt often reduces once a suitable debt solution has been identified. We’ll direct you towards the most suitable options to improve your personal finances.
Calls to our 0800 number should be free from most mobile phones and landlines. Check with your supplier if you are unsure. You can also call our landline number 02920 435423. We’ll happily call you back if you’d like us to.
Your ability to obtain credit will be affected by an IVA. For more information about the impact on your credit rating click here. If you start an IVA, fees will apply. For information about fees (and the work that IVA firms do for you) click here.
Other sources of debt advice exist. The official insolvency services operating in different parts of the UK produce guides to personal debt solutions. You can read these national versions at: England & Wales, Northern Ireland, and Scotland. The Money Advice Service can link you with free sources of debt advice and debt adjustment services.
A significant amount of your payments into an IVA are taken first to cover your Insolvency Practitioner’s fees. If your IVA fails, you will remain liable for the balance of your debt and any Insolvency Practitioner fees and costs already incurred.