IVA - Could An IVA Help Me? Find Out If You Qualify

IVA Individual Voluntary Arrangements

Find out if you qualify for an IVA today

A single, affordable payment

Pay what you can each week/month.

Debts significantly reduced

Repay part of your debts to clear them in full.

Interest stopped

No more interest nor charges added.

Full legal protection

All collection activity and legal action stopped.

IVA eligibility check

An IVA was the best solution for our family.

Apply For An IVA

Debt Guardians listened and were non-judgemental.

How does an IVA work?

An IVA (Individual Voluntary Arrangement) is a legal agreement between you and those you owe money (your creditors).

You agree to pay off a percentage of your debt over a given period of time, by means of affordable repayments (normally 60 months).

If you owe more than £8,000, are struggling with payments but can afford at least £80 per month - an IVA may be the right debt solution for you.

Applying For An IVA

When you contact us we will chat about your current situation, including an assessment of your income, outgoings and your debts. This will tell us if an IVA is a good option for you.

Should an IVA be suitable - the next step is to draw up a formal proposal for consideration by your creditors.

If the proposal is approved by 75% of the creditors by value of debt the IVA is accepted and all creditors are bound by its terms. All debts are frozen so no more interest or changes can be added.

Being In An IVA

Creditors must not chase you for payments for any of the included debts. So, no more letters, phones calls nor threats of legal action.

Provided you maintain payments - unpaid debt is written off at the end of the IVA, which typically lasts 60 months.

Your expenditure is expected to keep within reasonable guidelines - but you won't be asked to live in poverty.

Debt Includable in an IVA

Most debts can be included in an IVA and be subject to negotiated repayment.

Loans & Overdrafts

Store & Credit cards

Benefits over payments

HMRC & Council tax arrears

Debts with a Court Judgement

Rent, Gas and Electricity arrears

Catalogues & Buy now – pay later agreements

For other debts contact Debt Guardians for clarification

Certain debts cannot be included in an IVA such as; criminal court fines; debts obtained by fraud; child support arrears and most student loans.

IVA Benefits

Once your IVA has been accepted, you could benefit from:

Lower repayments

Repayments to creditors are based on what you can afford - not how much you owe.

Debt forgiveness

Once you have made the agreed contributions any remaining money owed is written off.

A sense of control

An IVA allows you to regain control of your debts and work towards debt freedom

Debts cannot increase further

Frozen interest and charges so that your debts do not increase.

Legal protection

Creditors cannot pursue you for their debt or take legal action.

Knowing when you'll be debt free

A fixed agreement usually lasting 5 years, after which any remaining unsecured debts will be written off.

Home is protected

An IVA can help safeguard your property and ensure future affordability even after the IVA.

Stress reduced

You'll be less stressed knowing IVA will stop contact from your creditors and your payment are affordable

Avoidance of bankruptcy

An IVA enables you to continue to trade if you are self-employed or have a trading business.

Better able to afford other financial commitments

An IVA can catch unknown debts such as unpaid tax or overpaid tax credits.

Advice You Can Trust

Read what people are saying about Debt Guardians

IVA example

Initial debt and payment levels for a typical IVA

Without an IVA

In this example they applicant currently pays £500/m towards debts, which are:-

Personal Loan(s)£8,000
Credit Card(s)£6,000
Other includable debts£8,000
HMRC tax arrears£5,000
Total Current Debts£29,500
Further interest & charges while repaying these over several years could be say as…£6,000+
Payments To Be Debt Free*£35,500+

With an IVA

If it is determined the applicant can afford £160/m towards debts, then:-

IVA payments£160 * 60 months
Payments To Clear Debts£9,600
Total Saving£25,400

*Payment levels depend on affordability of the individual applicant and are subject to creditor acceptance.

IVA Info and Guides

Learn all about IVAs with our informative guides

IVA Pro and Cons

Benefits and considerations to be taken into account before deciding upon an IVA.

IVA criteria

IVA Acceptance Guidelines

The circumstances and financial situation that contribute to a successful IVA proposal

Debt Included in an IVA

IVA – Debts You Can Include

Learn which debts are treated as expenditure item and which are included as a creditor.

Debt Consolidation Loan or IVA?

See if you can save £1000s with an IVA rather than taking out another loan

IVAs for the Self Employed

Combine personal & business debts into an IVA. Avoid bankruptcy and keep trading.

Priority Debts in an IVA

The difference between debts as expenditure items and included debts in an IVA explained

IVA or Debt Management Plan

A look at differences between a debt management plan and an IVA?

IVA guarantor loans

Guarantor loans in an IVA

How guarantor loans are treating in an IVA if you are the borrower or the guarantor.

IVAs and Homeowners

The benefits and considerations for homeowners considering an IVA

IVA or Bankruptcy?

An IVA and bankruptcy are both forms of insolvency but they work very differently.

IVA Example Cases

We’ve helped all sorts of people find a way out of their debt problems.

IVAs and Joint Debts

If you have joint debt and include it in your IVA, the other person is still be responsible for making payments towards it.

IVA Proposal

This is your detailed IVA application – put together by us

Your IVA Application and FAQ

Before committing to an IVA we get as much information as possible so we are sure it’s right for you.

Meeting of Creditors

The MOC process is totally electronic and does not involve any actual meeting.

IVA Regulatory Information

Information for people considering an IVA we required to signpost.

IVA Fees and Costs

An explanation of the Fees and Costs associated with Individual Voluntary Arrangements.

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