Individual Voluntary Arrangement

• Pay off all your unsecured debts (in normally) 5 years
• Have one repayment tailored to your circumstances
• Legally freeze interest and charges
• Let us deal with your creditors on your behalf

What is an IVA?

An Individual Voluntary Arrangement or IVA allows you to repay as much of your unsecured debt that you can afford to repay over an agreed time period - usually five years - the remaining debt is agreed by your creditors to be written off on the successful completion of the agreement.

An IVA is an alternative to bankruptcy avoiding some of the disadvantages that bankruptcy has, such as the possibility of losing your home. If you have a minimum of £15,000 of unsecured debt with 3 creditors and finding the current repayments a struggle you may qualify for an IVA, as long as you can still commit to a new regular, affordable monthly payment.

IVA help with DEBTPLAN Direct™

At DEBTPLAN Direct™, we ensure the process of entering into an IVA is as smooth as possible for you. One of our expert advisers will advise you of what's involved and complete a fact find with you and you will be referred to one of our Insolvency Practitioner partners who will take care of all the legal requirements on your behalf.

Then, once your IVA has started, DEBTPLAN Direct™ and our partners will be here to help you with any questions you may have about your arrangement. They will also carry out regular IVA reviews to make sure it still meets your needs.

Things to remember

An IVA is a realistic solution to solving your debt problems if you are really struggling with your current debt repayments, however there are some drawbacks. Your credit rating will be affected for six years after the agreement begins (as records on your credit history are recorded for six years). And if you're a homeowner, you could be required to release some of the equity in your home in the last year of your IVA.

Also keep in mind that you will need to keep repaying any debts not covered by your IVA (such as your mortgage). You'll also need to make sure you can definitely keep up with your IVA payments, as failing to do so could put you in a worse position.

Key facts and information:

The fees depend on your situation, if you decide to enter into a debt solution with DEBTPLAN Direct™, fees will be charged. As an established debt solution provider in the UK we strive to offer our customers an unrivalled service and customer care service together with ensuring our fees remain competitive. Click here for more on our fees.

Will my credit rating be affected?

Yes - your ability to obtain credit will be affected for 6 years.

To find out more, call us on: 0800 634 7053

Subject to eligibility and acceptance. Debt write off applies to unsecured debts and only on completion of an IVA, alternative solutions may be offered.