Is an IVA the debt solution
you need?

An IVA is a legal agreement between you and your creditors, meaning
that lower debt levels could be accepted by your creditors. An IVA
is suitable for people living in England, Wales and Northern Ireland
(Scottish residents click here) who have unsecured debts and are struggling
to afford their repayments.

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What is an IVA?

We offer IVAs through our partner, the Churchwood Finance Group. An IVA, also known as an Individual Voluntary Arrangement, is a legally binding agreement, typically lasting 5 years, which allows you to repay your debts whilst freezing all interest and charges. An IVA is often suited to people who have unsecured debts but are unable to afford repayments. A number of other factors are also used to assess eligibility including, how many creditors you have and how long it would take you to repay your debt by other means.

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Why choose an IVA?

  • Lower monthly repayments - One fixed, affordable, monthly payment. Agreed with your creditors, freezing interest and charges helping you repay your debt.
  • Freeze or reduce interest - If your IVA is approved by your creditors, all interest & charges could be stopped! This will help you clear your debt.
  • Protect your assets - There is no obligation to sell your home, although homeowners may be required to remortgage in year 5 of the IVA to release equity to creditors.
  • Legally binding - The IVA is legally binding, preventing creditors taking further legal action. And as long as creditors representing 75% of your debt approve your IVA application, all creditors are bound by its terms.
  • Regain control - Once you have completed the repayments, your unsecured debt is cleared.

Things to consider

  • If you do not stick to the agreed terms, your IVA may fail. This could lead to creditors being able to take legal action against you and interest may resume on your debts.
  • If the arrangement fails, you could be at risk of bankruptcy.
  • There are restrictions on your expenditure.
  • Creditors do not have to agree to the IVA proposal.
  • An IVA will be recorded and entered on to a public register.
  • Any unsecured debts not included in the IVA would remain outstanding.
  • If you are a homeowner you may be asked to remortgage your property in the 5th year of your IVA to release equity to contribute to your outstanding debt. Any remortgage can only be to a maximum of 85% of the value of your property and you will only be asked to seek a remortgage if the available equity is more than £5,000.
  • Your credit rating will be affected for approximately 6 years from taking out your IVA.

Our Fees. does not charge customers a fee for the service it provides but it may receive a commission or fee from the lender, provider or broker where customers enter into an agreement following an introduction through this website. Any fees charged by a debt solution provider will be explained clearly before you proceed with an application. Further information about the amount of commission received by is available upon request.

Money Advice Service.

To find out more about managing your money and for free debt advice, visit the government’s Money Advice Service. more >>

Insolvency Service.

The Insolvency Service is an independent government agency that has produced a guide called 'In Debt - Dealing with your Creditors'. more >>


Frequently Asked Questions.

If you have a question that isn't answered below then feel free to give us
a call on 0800 2300 025.

1. Does provide IVAs? works with a number of partners for a range of debt solutions. We partner with Churchwood Finance who provide Debt Management Plans, IVAs and Trust Deeds.

2. How much per month will I have to pay?

The amount paid is based on your income and expenditure and what you can realistically afford to repay each month.

3. Will I qualify for an IVA?

Each individual is assessed on what is the right option for them. IVA is not the correct way to repay debts for everyone so this will depend on the severity of your debts and your individual circumstances such as the amount you owe, the number of creditors you have and the amount you can afford to repay.

4. What happens if I struggle to make the payments?

It is important that you maintain your agreed payment schedule when entering in to an IVA. However, it is appreciated that there are some circumstances i.e. redundancy, sickness etc where payments are likely to be difficult. If there is such a change in your financial circumstances then an IVA offers the option of a suspension of payments for up to 6 months.

5. Will my home be safe?

If you are a homeowner you may be asked to remortgage your property in the 5th year of your IVA to release equity to contribute to your outstanding debt. Any remortgage can only be to a maximum of 85% of the value of your property and you will only be asked to seek a remortgage if the available equity is more than £5,000.

6. What if my creditors don't agree?

For your IVA proposal to be successful at least 75% of the debt value in votes must be in your favour of your IVA application. Creditors can suggest alterations to your proposal and it is your choice on whether you accept or reject them. If your creditors don't vote in favour, you may still have the option of an informal agreement with your creditors, or you could explore Bankruptcy. Our partner Churchwood Finance will be happy to discuss these options with you.

7. Do I have to pay any costs? do not charge any fees for this service. There will be costs incurred with Churchwood Finance, however all costs you are required to pay are included in your payment schedule including Churchwood Finance fees. If you keep to the terms of your agreement then any outstanding unsecured debt will be written off when you complete the IVA.

8. Will it affect my credit rating and will I ever be able to get credit again?

During your IVA you will normally agree to not obtain any further credit. Once your IVA has been successfully completed your Insolvency Practitioner will give you a certificate of completion. You will be able to send copies of the certificate to the credit agencies and request them to update your file. Any defaults and CCJs remain on your credit file for 6 years, therefore you will have 1 year left to go. During the 6th year you can apply for credit but you may find this difficult.

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