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What is an IVA?

With an individual voluntary arrangement (IVA), you could lower your unsecured debt repayments and fit them in around other financial commitments. Secured debts, such as your mortgage, will not be included in this and you will need to continue paying separately for this.

Key Facts of an IVA
  • Lower unsecured debt repayments
  • Debt consolidation into single monthly repayments
  • Five to six-year duration
  • Potential restrictions on expenditure
  • Potentially higher interest rates
  • Credit ratings affected for a minimum of six years
  • Publicly available to view via the Individual Insolvency Register
Who Can Apply for an IVA?

To be eligible for an IVA, you must have £5,000 or more of unsecured debt, owing this money to two or more creditors. You must also be a resident in England, Wales or Northern Ireland and have a steady income that allows you to make regular monthly repayments of at least £100.

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Min. £5,000 debt

If you have unsecured debts of £5,000 or more, you may be eligible for an IVA, allowing you to clear your debt at an amount you can afford.

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Min. two creditors

If your IVA is approved, it will be subject to terms and conditions agreed upon between you and your creditors.

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£100 per month

To be eligible for an IVA, you will need to have a steady income that allows you to make consistent monthly repayments of at least £100.

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18 years old

IVAs are only available as an option to help you clear your debts if you’re 18 years old or above.

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Min. £5,000 debt

If you have unsecured debts of £5,000 or more, you may be eligible for an IVA, allowing you to clear your debt at an amount you can afford.

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Min. two creditors

If your IVA is approved, it will be subject to terms and conditions agreed upon between you and your creditors.

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£100 per month

To be eligible for an IVA, you will need to have a steady income that allows you to make consistent monthly repayments of at least £100.

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18 years old

IVAs are only available as an option to help you clear your debts if you’re 18 years old or above.

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Eligible Debts
An IVA will work for…

IVAs are a potential option for clearing unsecured debts, such as payday loans, council tax arrears, debts to family and friends, store cards and more.

Credit Cards

Payday Loans

Store Cards

Overdrafts

Personal Loans

Gas & Electricity Arrears

Business Debt

Debts to Family & Friends

Online Debt Advice
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Ineligible Debts
An IVA will not work for…

IVAs are not available as an option for debts such as mortgages, rent arrears, student loans, court fines and so on.

Student Loans

Child Support Arrears

Magistrate Court fines

TV-license arrears

Social-fund loans

Rent arrears

Online Debt Advice
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Why choose us?
Why choose Fresh Start UK?

Fresh Start has helped more than 12,000 people gain control of their finances and become debt-free. If you’re struggling with debt and finding it tough to keep up with your bills, speak to one of our friendly, professional advisors today. They are non-judgemental and will provide you with the best advice based on your own personal circumstances.

Online Debt Advice
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The upsides to using an IVA?

img Typical debt written off is 75% – only debts added to the IVA

img Creditors will not contact you

img Make one affordable payment per month

img Protect your home

The downsides to using an IVA?

img Impact on credit file – 6 years from the start

img Need to meet eligibility criteria

img You will be on a public insolvency register

img If you are a homeowner, you may need to release equity from your home

Ready to get started on the path to financial freedom?
Online Debt Advice
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Money Helper has replaced the Money Advice Service and brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise.