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May not be suitable in all circumstances. Fees and disadvantages may apply.
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.
This is not a full list, please get in touch to see what other debts can be included.
This is not a full list, please get in touch to see what other debts can be included.
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:
Below are the main advantages of entering into an IVA. To learn more, please get in touch.
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.
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If you have more than £6,000 debt and can afford to make a regular monthly repayment towards clearing them, there is a good chance that an IVA would be a good solution for you.
With an IVA you make a single monthly, affordable repayment towards all included debts for, typically, a 5 year period. After this time any remaining debts are usually written off in full.
* We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable.
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.
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.
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.
We are available 6 days a week till late to help and guide you.
Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
© 2024 Advice Centre Group Ltd.
www.yourdebtadvisor.co.uk is a trading style of Advice Centre Group Ltd registered in England and Wales (14322979). Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Adam Southard is authorised as a Licensed Insolvency Practitioner in the United Kingdom by the Insolvency Practitioners Association, We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of our insolvency solutions, therefore, all advice regarding Individual Voluntary Arrangements (IVA) is given in reasonable contemplation of an insolvency appointment.
Adam Southard is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Office Holder No. 11930
Insolvency Practitioner Directory- Insolvency Practitioner Details (bis.gov.uk)
What you need to know about Individual Voluntary Arrangements (Insolvency Service)
We provide solutions to individuals throughout the UK, We Will help recommend solutions available, tailored to your circumstances in which you can then make an informed decision about which solution you qualify for.