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What is an IVA?

If you are struggling with your debt repayments there is a solution available, called an IVA, which could help you to repay debts at an amount you can afford.

An IVA usually lasts for 5 years and during this time you pay a monthly payment based on affordability. At the end of an IVA any remaining unpaid debt is legally written off.

Under this initiative you state that you cannot afford your debts. This is done by showing that your monthly living costs are more than your monthly income. By showing what you can afford we then ask your creditors to accept this as your monthly payment.

The IVA has many advantages but it also has a number of disadvantages that should be considered. For example, if you are a homeowner and your home is in equity you may be required to offer some of this equity or you may have to offer up to 12 additional payments towards the IVA. Your credit rating may also be impacted for up to 6 years from the start of your IVA. Read more advantages and disadvantages below.

To qualify for an IVA you should

have debts over £10,000
have at least 2 lenders
be struggling to make repayments

An IVA could help you

Repay your unsecured debt in 5 years
Write off unpaid debt on completion
Avoid repossession
Combine your debts into one manageable monthly payment
Pay what you can afford
Reduce creditor harassment

How does an IVA work?

In order to set up an IVA an Insolvency Practitioner is required to set up and negotiate the IVA terms with the creditors. An IVA is a legally binding process and once you enter into one your creditors must speak to your Insolvency Practitioner for all matters related to your debts.

Every IVA is different. The terms of your IVA depends on your employment status, income, expenditure, amount of unsecured debts, number of creditors and how you spend your money generally. Your IVA repayments to the creditors are calculated by analysing all of these factors. A proposal is then created based on the information you provide. This proposal is then sent to your creditors (lenders) and a meeting is held with your creditors to decide if they want to agree to the IVA. You do not have to attend this meeting. If more than or 75% of your creditors, by debt value, agree to the terms the IVA can begin, and you are on your way to paying off your debts and becoming free of debt.

Advantages of an IVA

  • 1 easily affordable monthly payment based on your income and expenses.
  • Unlike some of our competitors, we do not charge any Upfront Fees, saving you £100s.
  • An IVA offers you protection from creditors.
  • Creditor pressure is relieved as you can direct them to your case manager.
  • Most IVAs last for just 5 years (occasionally longer, although some can last a few months).
  • All interest frozen immediately.
  • Suitable for tenants or homeowners, individuals or couples, and even business owners.
  • We can setup an IVA in as little as 4 weeks.
  • Only 75% of your creditors (by debt balance) need to accept your proposal to make it legal.

Disadvantages of an IVA

  • If you are a homeowner with equity in your property you may be required to introduce part of your share of this equity in the final year of the arrangement. A remortgage may be restricted and on less favourable terms. If for some reason you can't get a remortgage your arrangement can be extended for up to another year.
  • If your circumstances change, and your insolvency practitioner can't get creditors to accept amended terms, the IVA is likely to fail. You will still owe your creditors the full amount of what you owed them at the start, less whatever has been paid to them under your IVA.
  • If your IVA fails, your creditors may request that you be made bankrupt. This will always be discussed before your arrangement commences.
  • Your credit rating may be impacted for up to 6 years from the commencement of your iva.
  • Your IVA details will be recorded on the insolvency register.

IVA Application

If you want to apply for an IVA or find out further information about entering into an IVA, complete our application form, filling out as much information as possible.
Apply for an IVA here

IVA Case examples

IVA Case ExampleClient Name: Ms W
Debts: £15,500
Repaid : £9,600
Ms W was struggling to pay creditors £470 per month to stay afloat with her debts. She entered into an IVA...

Read more on this and other IVA cases

IVA Testimonials

IVA Testimonial"...Just wanted you to know how grateful we both are! A huge thank you for all the wonderful work you've done to help us. Thank you just doesn't seem enough for the peace of mind..."
Read more of our client testimonials

Types of IVA

Joint / Interlocking IVA

A Joint IVA is an IVA application where both applicants (husband and wife or partners) have debts, either individually or jointly. Anyone who is eligible for an IVA and has joint debts with a husband/wife/partner can enter into a joint IVA.


Lump Sum IVA

A Lump Sum IVA is an IVA application where all the debts are paid off via a lump sum contribution. In these cases the IVA can take just a few months to complete. The lump sum could come from releasing equity from your property, or from a third party such as a friend or family member.

Even if your debt is much more than your available equity, you may be able to get your creditors to write off off some of your debts and accept your equity release as a full and final settlement through the lump sum IVA. The lump sum IVA differs from a normal IVA as it can be done via just 1 payment instead of 60 monthly payments.

The lump sum should generally be at least 25% of the total debts, plus enough excess left over to cover the costs to the creditors.


Assisted Payment IVA

An Assisted IVA is an IVA application where the debts are all in one name. While a husband/wife/partner is not obliged to pay for their partner's debt, it may give the IVA a better chance of creditor acceptance if they contribute to their husband/wife/partner's IVA. We can advise you whether an Assisted IVA is possible or necessary.

Debts which are owed jointly with another person can also be included in an assisted IVA.


Business IVA | Self Employed IVA | Sole Trader IVA

A Business IVA is an IVA application where the applicant is a sole trader and the debts are both business and personal debts. If necessary this type of IVA can also be set up to ensure the business remains trading.


Our IVAs are processed by our Insolvency Practice

All our IVAs are processed and managed by McCambridge Duffy Insolvency Practitioners, our sister company. McCambridge Duffy have been established since 1932 and have been helping people deal with their debts for decades. They have 4 full time Insolvency Practitioners, more than any other IVA firm.


Things to consider

All our initial advice is free. A fee is only payable where further services are requested.
If you proceed with an IVA there are fees payable as all IVAs must be provided by a professional Insolvency Practitioner, like a lawyer. 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.
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.



IVA Enquiry


Your Total Debt (approx) Name Telephone / Mobile Number Email Message

Fees and key info


We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan.

Click here to read our fees and key info

Please note: From time to time we may refer you to other services providers or charities such as the CAB.

Money Advice Service


You can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. Click here for more information.

Client Review

Pressure release realised - at last!

Star rating : 5/5

I had a pleasant reception, a simple concern and evaluation of my situation, an explanation of what could be done, when and how best a plan could be implemented that I could afford. THE RELIEF WAS AMAZING, back to some kind of normality.

I have been under the wing of National Debt Relief for almost 2 years and the attention and assistance provided has been just perfect. We are now looking at a mutually acceptable resolution to my financial situation in the near future. In brief, I would totally recommend the services of National Debt Relief. You will not be disappointed, to quote an old saying "I wish I had done it sooner--much sooner".

Written on 18/09/2013,
Review Centre

Client Testimonial

Absolutely Fantastic

Absolutely fantastic from start to finish! Very efficient and had my iva completed within 4 weeks from initial phone call!

Client Testimonial

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