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IVA Individual Voluntary Arrangements

Could an IVA help you get out of debt?

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 Enquiry

How To Get An IVA

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 £6,000, 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 your income, outgoings and 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 an IVA proposal for consideration by your creditors.

If the proposal is approved 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 and repayments reduced

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

Unsecured debts only. 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

Key benefits of entering an IVA

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.

Debt Solution Example

Savings possible from a typical IVA

Before: applicant currently pays £380/m towards debts, which are:

Overdraft£2,500
Personal Loan(s)£7,000
Credit Card(s)£5,000
Other includable debts£6,000
Total Current Debts£20,500
Further interest & charges while repaying these debts over several years could be say...£4,000+
Cost to Clear Debts£24,500+

After: applicant can afford £130/m towards debts, then:-

Current payments

£380

*IVA payments

£130
IVA payments£130 * 60 months
Cost To Clear Debts£7,800
Total Saving£16,700
Repaid %32%
*Payment levels depend on affordability of the individual applicant and are subject to creditor acceptance.

Advice You Can Trust.

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IVA Considerations

Things you should know before deciding on an IVA.

Subject to eligibility and acceptance

Debt write off applies to included unsecured debts only and only on completion of an IVA. Debts not included remain outstanding. Not available in Scotland.

IVA can fail

If you break terms of your IVA and you don’t speak to your provider, it may fail. If this happens you must make other arrangements to repay your debts or potentially risk bankruptcy.

Restrictions on expenditure

There may be restrictions on your expenditure throughout the term of your IVA. You won't be expected to live in provety but neither can you be spending excessively while at the same time expecting creditors to be forgiving you a large part of your debts.

Your property

If you are a homeowner (and only in some cases) you may be required to re-mortgage in the 5th year of your IVA to release some equity to creditors. There are many situations where this is not required and the IVA is extended for 12 months instead.

Credit rating

An IVA appears on your credit file for 6 years. During this time it may be difficult to obtain credit.

Most peoeple entering an IVA already have a poor credit rating and the IVA is the first step on their path to recovery.

No guarantee of acceptance

Creditors can reject an IVA, usually specific reasons. We can renegotiate if required. We do not put forward an IVA without a reasonable expectation of approval.

Not private

An IVA will be recorded and entered onto a public register but someone would need to be specifically looking for you on it to find you.

Get Started Today

Give us 15 mins - We'll help get your life back on track

1 - Check if you qualify

0800 014 9675 Do I Qualify?

Call us or complete the form to see if you qualify for a debt solution.

2 -Your Consultation

A friendly & experienced advisor from Debt Guardians will contact you to discuss your circumstances.

3 - Your Solution

Benefit from keeping your hands on more of your money.

IVA Fees

It is free to set up an IVA with Debt Guardians.
We do not charge any upfront fees for drafting and submitting your IVA Proposal. We only put an IVA case forward if we believe it will be a successful one for both you and your creditors. Even if your IVA proposal is unsuccessful, you will not be charged a penny.

The fees for an IVA are all set by the creditors, no matter which IVA provider you use.

All fees are taken out of your affordable monthly payment or from your agreed lump sum payment, so you will never be asked for additional fees or receive a bill from us. See More About IVA Fees.

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

A IVA helps 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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