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Individual Voluntary Arrangement (IVA)

Consolidate debts into a single, lower monthly repayment and potentially write off a substantial percentage.

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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.

Your journey to financial freedom starts here.

1. Speak to our team.

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

2. We guide you.

Receive no-obligation advice and find out more about the debt repayment plans available to you.

3. Ongoing support.

Our advisors will support and guide you throughout your journey to debt freedom.

Find out if an IVA is the right debt management solution for you.

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

What is an IVA?

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.

IVA eligibility criteria

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

Owe at least £6,000
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

IVA benefits

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.

IVA considerations

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, please get in touch to see what other debts can be included.

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Authorised and regulated by the Financial Conduct Authority.

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

How much do you owe?(Required)

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What our customers say about us

I have been struggling by myself for years with debt, and when I finally reached boiling point I got in touch with Advice Centre Group. Every person I have spoken to has been polite and patient. Especially Tom Doherty. What an absolute star who has gone above and beyond for me, I will honestly never forget the help, guidance and advice he's given me. I am now on a path to being debt free and it is down to the professionalism and kindness of the Advice Centre Group.

Excellent company thank you for all the help to get me on right track

Absolutely fantastic service the team has been great right from the start from my first phone call with them. Such a huge weight has been lifted that I’ve been carrying by for a long time.

I have delt with Joel and Carl. they are very knowledgeable, supportive and have your best interest at hear. Highly recommend this company they really care for people. Thank you for your help!

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What our customers say about us

Fantastic service by Ben - Ben has made the whole process simple and easy, made me feel very reassured that I am making the correct decisions and getting my debt on track! Couldn’t recommend Ben enough!

I spoke with a man called Perry extremely amazing understanding and compassionate man. He ensured i was satisfied and knew all my options. He broke everything down to me and reassuring throughout the whole process. Highly highly recommend dealing with dissolve debt and ensuring Perry answers the phone! Best decision iv made in a long time and I finally feel at ease mentally and physically after my conversation.

Just want to personally thank Richard… Just want to personally thank Richard for listening to me and being willing to understand my financial and emotional status. He was extremely kind and reassuring, this is exactly the service I needed when facing hardship so thank you again Richard! I feel more at ease and hopeful I will tackle this soon now that I've got help managing debt

Excellent service received - I would like to thank Richard for his exceptional service. He was non judgemental and did an amazing job in reassuring me that there is a suitable solution for me after another solution was unsuccessful. He was very patient and understanding and I am very happy to have discussed my situation with Richard. He gave me a thorough overview of everything and we were able to agree on an affordable monthly payment. I would recommend Richard to anyone.

Ben and Chantelle were very friendly… - Ben and Chantelle were very friendly and made me feel at ease when talking about my debts was reassuring and made the process very smooth

How much would my repayments be if I enter into an IVA?

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.

Repayments based on what you can afford and NOT what you owe.

A real life IVA example* –

Total debt – £15,461

Old repayment - £830

New repayment - £125

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

Frequently asked questions.

Is an IVA suitable for me?

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.

Could there be an impact on my job?

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.

Will my credit score be impacted?

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.

What fees apply?

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.

A friendly, experienced team of debt management specialists

We are available 6 days a week till late to help and guide you.