IVA | Individual Voluntary Arrangement | IVAs

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Debts of £15,000

Debts of £25,000

Debts of £50,000

Debts of £75,000

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Write off debts you can't afford with an IVA

If you are finding it difficult to make payments to your credit cards, loans, store cards or any other bills you may be suitable for a government debt plan called an IVA.

An IVA allows you to make monthly payments based on what you can afford instead of what your lenders ask from you.

The idea behind an IVA is that if you are struggling to make payments that you should be entitled to seek help and your lenders should help you to get out of debt.

You will be able to afford to pay your day to day living expenses, such as groceries, instead of paying off debt.

Any debts that are unaffordable will be legally written off and your lenders cannot chase you for them anymore.

Minimum repayments based on 17.5 APR and minumum payment of 2%. Consolidation Loan based on 10% APR over 5 years. IVA figures based on averages from a sample of our cases. It should be noted that your IVA payment will be whatever you can afford and your creditors may expect a higher or lower contribution that those shown above.

A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any service or debt repayment plan. In the IVA our fees are included in your monthly payment to your creditors so you will not have to pay anymore than you can afford. More suitable debt solutions may be offered which may result in different fees applying and we will discuss those with you during your initial consultation. Read further information. Creditors may still contact you with promotional material or to fulfil contractual obligations to you but they should deal with us in all aspects relating to the outstanding debts.
Acceptance of your IVA cannot be guaranteed but we will do our best. You must meet certain criteria which will be discussed with National Debt Relief advisors. Where we put a client forward for an IVA we believe they have an excellent chance of being accepted. Debts will only be written off where a client has made an agreed payment for a fixed period. In return the creditors agree to write off the remaining balance. Typically, our clients average debt write off is between 60-70% of the debt. What debt you have written off will depend on your individual circumstances and is subject to creditor approval and completion of the IVA. Your credit rating may be impacted for up to six years from the commencement of you IVA. Homeowners may be required to introduce equity if available.

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