Individual Voluntary Arrangement (IVA)

Individual Voluntary Arrangements, or IVAs, are a uniquely customised solution to help you break free from the weight of debt.

At Debt Help UK, we specialise in understanding the emotional and financial toll that unmanageable debt can take on your life.

By tailoring our IVAs to your specific situation, we can help you structure a realistic plan to ease your financial worries.

But why choose an IVA?

Personalised approach

Unlike other debt relief options, IVAs are built around your unique financial situation. Our experienced team will work closely with you to create a plan that fits your income and lifestyle.

Creditor protection

Once your IVA is approved, you'll be protected from the pressure of creditor hassle and calls. 

Single affordable payments

With an IVA, you'll make a single monthly payment that contributes towards all your debts. This means no more juggling multiple payments and struggling to keep up with due dates and outgoings.

Debt write-off

In many cases, a significant portion of your debt could be written off, providing you with genuine relief.

Fixed term

IVAs typically last for a fixed term, usually several years according to your situation. Once you've successfully fulfilled your IVA, you'll be officially debt-free.

Expert guidance

Our team are here to help guide you through every step of the process, ensuring you're fully informed and empowered to make the best decisions for a secure future.

IVA considerations

Fees

There are fees payable for the work completed in setting up and managing your IVA, however, these fees are taken out of your monthly repayments and are NOT in addition to the payments made to your creditors.

Credit Rating

An IVA will be recorded and have a negative impact on your credit file for a period of six years.

Public Register

Your personal details will be recorded on the Insolvency Register which is a public record.

Equity Release

If you are a homeowner, you may be required to release equity from your home in order to help repay your debts. If you are unable to remortgage, the IVA may be extended for 12 months instead.

Windfalls

If you receive a windfall such as an inheritance or a lottery win, you are required to pay a proportion of this into the IVA.

Approval

Creditors may decide not to approve the proposed Arrangement.

How much debt can your write off?

Example based on a real-life customer

£23,745

New monthly payment

£116

Total repayable

£6,960

Debt reduction

£20,435

= 86% debt reduction

Let us help you

This example is for guidance purposes only as IVA payments are based on affordability. The term is 60 months. Fees of £3,650, subject to creditor approval and modification. Fees are taken from the monthly repayments and are not in addition.