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.
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.
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.
If your IVA is approved, it will be subject to terms and conditions agreed upon between you and your creditors.
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.
IVAs are only available as an option to help you clear your debts if you’re 18 years old or above.
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
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
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.
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Typical debt written off is 75% – only debts added to the IVA
Creditors will not contact you
Make one affordable payment per month
Protect your home
Impact on credit file – 6 years from the start
Need to meet eligibility criteria
You will be on a public insolvency register
If you are a homeowner, you may need to release equity from your home
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.