Individual Voluntary Arrangements (IVAs)

What is an IVA?

An IVA (Individual Voluntary Arrangement) is a Government Backed Scheme created to help people struggling to repay debts over £15,000.

If you cannot pay your creditors the amount that you originally agreed you are classed as being "Insolvent" and you could use an IVA to write off the debt you cannot afford.

With an IVA you only pay back what you can afford and any remaining debt is legally written off.

An IVA success story

Mrs C was struggling with payments of £420 per month on debts of £22,000. He contacted National Debt Relief to see how we could help. After calling us we identified an IVA as his best course of action.

We setup the IVA, got his creditors to agree and Mr B made repayments of £220 per month. After making his 60 monthly payments the remaining £8,800 was written off leaving him Debt Free.

Read more IVA case examples for some other clients

Advantages of an IVA?

- Can be setup in as little as 4 weeks with no application fees or costs
- You will only pay what you can realistically afford
- You will be debt free in less than 60 months
- Any debt you cannot afford will be written off
- Interest and Late Charges Stopped Immediately
- Your lenders must deal directly with us as your IVA firm
- You can avoid bankruptcy and can keep your home, car and job
- Can be used by everyone, even businesses

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IVA is subject to eligibility and acceptance. Debt write off applies only on completion of an IVA, alternative solutions may be offered.
Initial advice is free, fees payable for continuing services. Your ability to obtain credit will be affected for 6 years.