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Frank owed £39,301...He's now paying £370 a month instead of £900.

Julie owed £26,550...She's now paying £226 a month instead of £630.

Mr Roberts owed £15,407...He's now paying £150 a month instead of £560.

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IVA

Once approved it will usually stop interest & charges.
One affordable monthly payment.
Creditor negotiations managed for you.
Unsecured creditors can not take any further action.
Fixed payback period of usually 60 months
Expert, confidential advice

Total Unsecured Debt

Under £15000 Over £15000

Number of Creditors

Monthly Income

Are you a Home Owner

Yes No

An IVA can cure your severe debt problem. So, if you have unsecured debt of over £15,000, an IVA may be the right debt solution for you. An Individual Voluntary Arrangement can protect your assets with a single, affordable monthly repayment.

If you feel that the symptoms of your debt problem are in need of serious treatment, when you're struggling to keep up with repayments on your unsecured debt but want to avoid bankruptcy, an IVA (Individual Voluntary Arrangement) could be the best course of action.

Unlike the more informal debt management plan, an IVA is a legally binding contract between you and your creditors. Firstly, we'll assist you in drawing up an IVA proposal that will outline what you can realistically afford repay on your outstanding debt and help you to avoid bankruptcy.

The IVA will be proposed on your behalf by a Licensed Insolvency Practitioner (IP), who will assess your situation and approach your creditors.

The IP will attempt to negotiate a settlement with the majority of your creditors.

If accepted, you will pay what you can realistically afford each month, over a period of five years. You make a single monthly repayment into a fund managed by your Insolvency Practitioner. At the end of the term, any amount left unpaid against the original amount will be written off by your creditors.

The agreement is legally binding to all parties. This offers you protection from additional fees but you must be sure that you can keep up with the repayments. If you work in a profession where being bankrupt can lead to you being dismissed, IVAs generally don't put your job at risk.

How do IVAs work?

As everyone's situation is different, the timeline can vary, as can the exact procedure. For more details you should read our more detailed IVA Procedure resource.

If you think that this could be the right debt solution for you, one of our professional debt advisors will contact you to discuss your circumstances, make a debt diagnosis and to see if this is the best option for you. They'll collate all the relevant evidence about your financial health and circumstances before drawing up a proposal that will be acceptable to your creditors. We'll also try to establish the cause of your debt problems and do what we can to address those issues.

As the procedure is highly complex and can involve many different parties, it can take up to 6 weeks. During this time, your Insolvency Practitioner draw up the proposal, organise signatures and distribute the relevant documentation. However, once you've outlined your circumstances and provided any supporting documentation, we'll do the majority of the work for you. You'll just need to carefully read and sign any documentation.

Upon receiving the final proposal, your Insolvency Practitioner will call a meeting of your creditors where they will be asked to make a decision on your IVA. The Insolvency Practitioner will act as Chairman, though in fact it is extremely rare for a creditor to attend, they will usually have voted in advance.

There's no guarantee that your proposal will be accepted but a licensed Insolvency Practitioner has the experience to propose an IVA that stands a good chance of success.

If 75% of your creditors, by value of debt rather than headcount, agree to the proposal, they will approve it and appoint a Supervisor, who will usually be the Insolvency Practitioner who proposed the IVA on your behalf.

Providing you keep up with the repayment schedule of your Individual Voluntary Arrangement, you will be completely discharged of any liabilities to your creditors.

One Off IVAs

There may be circumstances where paying your Disposable Income over 60 months would not give a sufficient return to the creditors and so the Insolvency Practitioner would not put it forward for consideration. In such cases if a third-party was prepared to introduce a lump sum contribution, or if the debtor has the ability to raise funds via a re-mortgage, then a "one-off" IVA may be an appropriate solution. If you are struggling with your debts and a third-party (family member, friend etc.) is willing to assist you, a proposal could be made to creditors. The benefit of such a proposal is that generally you are out of your IVA within 6 months (rather than 5 years). The downside is that you have to find someone/some way, to introduce a reasonable lump sum. If you think someone may be willing and able to assist you then call Debt Solver on 08000 434 336

For more information about the Pros and Cons of an IVA or you can see our list of Frequently Asked Questions on Individual Voluntary Arrangements.

If you wish to find out more about an IVA or speak to an advisor for expert and confidential IVA debt advice, get in touch with Debt Solver now on 08000 434 336

The percentage of debt written off on completion of an IVA is a function of a number of factors including:

The level of payment in relation to the overall level of debt
The length the debt has been held
The proportion of debt each creditor holds
The credit history of the account
The comparison with the return from bankruptcy or a debt management plan
Other individual factors relevant to the case.

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Is debt management the right solution for me?

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