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What is an IVA?

What is an IVA?​

An Individual Voluntary Arrangement (IVA) is a formal and legally binding agreement between you and your creditors to pay back your debts over a period of time. It’s designed to help you manage your debts when they are unaffordable, by entering into an agreement with your creditors to repay all or part of your debt over the space of 5-6 years. You gain legal protection, providing you keep up your payments, and your creditors will stop chasing the debt and applying further fees and charges.

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How does an IVA work?

An IVA is a legally binding debt solution designed to help manage your finances. Once your creditors agree to its terms:

  • They cannot take court action against you.
  • They must stop chasing you for payments.
  • They will no longer charge interest on your debts.

Which Debts Can You Include in an IVA?

An IVA can help with some debts, but not all of them. It’s important to know which debts can be included and which ones you’ll still need to pay separately. This will help you make the best decision for your finances.

  • Council tax arrears
  • Credit card debt
  • Payday Loans
  • HMRC debts
  • Bank overdrafts
  • Overpaid benefits
  • Tax credit overpayments
  • National Insurance debts
  • Personal Debts, such as family or friends
  • Arrears on utility bills, such as Water, Gas, or Electric bills

Which Debts Cannot Be Included in an IVA?

However, some debts cannot be included in an IVA. These are usually ‘secured’ debts, It’s important to keep up with these payments to avoid further financial difficulties.

  • Mortgages
  • Student Loans
  • TV License Arrears
  • Child Maintenance
  • Unpaid VAT bills
  • Court Fines

IVA Payments

An IVA involves a single, affordable monthly payment based on your financial situation. This payment is distributed among your creditors. Once the IVA is completed, any remaining debt is written off, allowing you to start a debt-free future. 

If managing your debt feels overwhelming, an IVA could provide the structured solution you need. Take the first step towards financial wellbeing and find out if it’s the right choice for you.

How Long Does an IVA Stay on Your Credit File?​

An IVA will stay on your credit report for six years, and your details will be added to the public Register of Insolvencies during the plan. However, it provides you with an excellent opportunity to clear your debts and move towards financial freedom.

Who is eligible to set up an IVA in the UK?

An IVA is open to residents of England, Wales and Northern Ireland. 

We have supported 11,300+ individuals on their journey towards financial well-being.

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My experience was very positive, there is always someone there to help, which is very reassuring during difficult time, everything was dealt with efficiently and professionally, staff was very understanding of my circumstances.

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Learn More About IVA:

Advice Centre Group

Call us –  0161 768 8403

Email us – Enquiries@advicecentregroup.co.uk

Advice Centre Group
Advice Centre Group

You can visit the Money Helper website to find out more about managing your money and to get free advice, they are an independent service set up to help people manage their money

Advice Centre Group Ltd registered in England and Wales (14322979). Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX. 

Adam Southard is authorised as a Licensed Insolvency Practitioner in the United Kingdom by the Insolvency Practitioners Association, We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of our insolvency solutions, therefore, all advice regarding Individual Voluntary Arrangements (IVA) is given in reasonable contemplation of an insolvency appointment.

Adam Southard is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Office Holder No. 11930

Insolvency Practitioner Directory- Insolvency Practitioner Details (bis.gov.uk)

What you need to know about Individual Voluntary Arrangements (Insolvency Service) 

We provide solutions to individuals throughout the UK, We Will help recommend solutions available to your circumstances in which you can then make an informed decision about which solution you qualify for is best for you and your circumstances