IVA Debt Management Help & Advice

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.

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.

Min. two creditors

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

£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.

18 years old

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

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.

Min. two creditors

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

£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.

18 years old

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

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.

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Credit Cards

Payday Loans

Store Cards

Overdrafts

Personal Loans

Gas & Electricity Arrears

Business Debt

Debts to Family & Friends

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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.

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Student Loans

Child Support Arrears

Magistrate Court fines

TV-license arrears

Social-fund loans

Rent arrears

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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.

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