Individual Voluntary Arrangement (IVA)
An IVA is an agreement between you and your creditors to help you pay off your debts at an affordable amount to you.
If you are eligible, you can apply for an IVA to regain financial control, write off a percentage of your debts, and start afresh.
Individual Voluntary Arrangement (IVA)
Our trained and friendly advisors will complete a professional analysis of your financial circumstances.
If an IVA is the best option for you, we will run you through all the steps before you commit to an arrangement.
Benefits of an IVA
What are the benefits of an IVA? We’ve compiled a handy list of the main points below.
One Affordable Monthly Payment
You make one affordable monthly payment, usually over 5 or 6 years.
A Percentage Of Your Debt Is Written Off
A percentage of your debt could be written off at the end of your IVA.
No Legal Action
Your creditors cannot contact you and they cannot take any legal action on your accounts.
Interest & Charges Frozen
All interest and charges will be frozen.
Support
You will receive support throughout your plan.
No Upfront Fees
There are no upfront fees. Fess are collected as part of your affordable monthly payment.
Risks of an IVA
What are the risks with an IVA? We’ve identified and listed some of the main drawbacks below, click a heading to read more.
Needs Creditors To Agree
A high proportion of all IVAs proposed are accepted however your creditors do have to agree to an IVA. Unfortunately, not all IVAs are successful and if the IVA fails Bankruptcy or an alternative debt solution process could follow.
Credit Score Is Affected
It will affect your credit score. IVAs remain on your credit file for six years from the date your creditors agree to the IVA.
Fees Paid To IVA Company
You will pay fees to the IVA company, although they will often be factored into your affordable monthly payments.
Creditors May Reject
Creditors may not accept your IVA.
May Require A Remortgage
If you are a homeowner, you may have to release equity in the final year of the IVA through remortgaging. If you can’t remortgage, for reasons such as your credit score your arrangement could be extended for up to 12 months.
Keep Your Home
If you’re a homeowner you’ll usually be able to keep your home, as long as you maintain the mortgage payments and any secured loans on your property.
The Debt Centre Provide Friendly Debt Help and Practical Solutions
We treat every customer as an individual and our support is tailored to your personal circumstances, ensuring your best interests are central to our ethos.
We will run through all the options available to you and then we will guide you through the next steps of the process.
We define ourselves by our values as a business. These values inform the way treat our customers and our staff.
Recent Case Studies
Kevin
Aged 38, Lives in Birmingham, 7 Debts.
Debt level: £24,450
Monthly payments before IVA: £560
Monthly payments after IVA: £150
Mischa
Aged 27, Lives in Oxford, 8 Debts.
Debt level: £15,900
Monthly payments before IVA: £355
Monthly payments after IVA: £110
Aamil
Aged 57, Lives in Leeds, 6 Debts.
Debt level: £8,200
Monthly payments before IVA: £240
Monthly payments after IVA: £90
Figures in these examples relate to actual customers of The Debt Centre who were undergoing a debt solution with one of our providers between October 2022 and June 2024.
Each customer has consented for their story to be published on our website, although names and pictures may have been changed to respect our customers anonymity.
Practical Debt Management Solutions
Individual Voluntary Arrangement (IVA)
Debt Management Plan (DMP)
Trust Deed
Debt Relief Order
Debt Consolidation Loan
Bankruptcy
