Get started to becoming debt free
Complete this step with the total amount of debt and the number of creditors that you owe.
Please let us know how much money you take home after tax and your employment status.
If you have qualified for Debt Help, simply provide your contact details and one of our advisors will contact you.
An IVA can be a great solution to serious debt problems, and a genuine alternative to bankruptcy
Individual Voluntary Agreements are designed as an alternative for people who would otherwise have no choice but to declare bankruptcy. Since they were introduced in 1986 as part of the Insolvency Act, they have become a widely used solution for people to solve their debt problems.
How do IVA's work?
IVAs are arranged on the basis that you will make regular monthly repayments for a fixed period of time, typically this is over five years. However, in limited cases the IVA may instead involve making a one off lump sum payment to your creditors, usually raised from assets such as equity in your home. In all cases we will carry out an assessment of your finances and recommend what will be the best option for you.
How long does it take to set up an IVA?
Usually an IVA can be set up in six to eight weeks, our Insolvency Practitioner drafts a proposal to your creditors and convenes a creditors meeting. At this meeting the Insolvency Practitioner negotiates on your behalf with creditors, they then vote on whether to accept or reject the IVA proposal put forward. Often creditors send their vote and don’t actually attend the meeting, but it’s vital that all your creditors are contacted. If they have no notice of the meeting they do not have to be bound by the terms of the IVA and can pursue you for their debt separately.
Don’t take our word
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Debt Help FAQ's
Don't know what an IVA is or want to find out more we have listed a few of our most commonly asked quesitons
- Single person households with debt under one name.
- Married/Cohabiting people with debt in joint and single names.
- Business owners and self employed people.
- Homeowners with one or more houses.
- Tenants.
How do I arrange an IVA?
The first step would be to speak with one of our specialist advisors who will gather information about your circumstances including how much you can afford to pay to your creditors each month. If an IVA appears to be the best option for you then we will draft your case and appoint one of our Insolvency Practitioners to act on your behalf. Complete our no obligation debt helpline form today and move one step closer to a debt free future.
What Happens Next?
Once the IVA is agreed our Insolvency Practitioner will supervise the arrangement and make sure things run smoothly, but we will also take an interest in the case and will keep you up to date at all times on the progress. An IVA can help you avoid having to declare bankruptcy, but you need to keep making the payments that have been agreed. It is therefore very important that we know the true extent on your debts – we need you to be completely honest with us about your financial circumstances, that way we can do our best for you and get the right settlement for you.
