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Debt-help.org helps individuals find solutions to get out of debt and, whilst we do not provide advice, we can help you understand all the possible options and guide you through the process. Read our Privacy Policy

Money Helper is an impartial service set up by the Government. They provide free debt counselling, debt adjustment and credit information services.

www.debt-help.org is a trading style of Promethean Finance Ltd and is Authorised and Regulated by the Financial Conduct Authority under Registration Number: 662425 This website does not administer any debt solutions; we work with third-party service providers who may pay us a fee if a solution is suitable and provided.

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Debt-help.org helps individuals find solutions to get out of debt and, whilst we do not provide advice, we can help you understand all the possible options and guide you through the process. Read our Privacy Policy
Assessing the pros and cons of an Individual Voluntary Arrangement (IVA)

Advantages

Your living expenses are taken into consideration before an IVA payment plan is created, ensuring that it is affordable for you.

Once your IVA is approved, creditors are prohibited from adding any additional interest or charges to your debt, preventing it from growing.

An IVA typically lasts for six years and if you stick to the agreement, a significant portion of your unsecured debt will be written off.

Your essential assets such as your home or vehicle will usually be protected under an IVA as long as they are of reasonable value.

Once your IVA is accepted by creditors, they are legally bound to stop contacting you directly for payment. The Insolvency Practitioner handling your IVA will handle communication with creditors on your behalf.

As long as you abide by the terms of your IVA, creditors are not permitted to take legal action against you, including sending bailiffs to your home.

Disadvantages

While a high percentage of proposed IVAs are accepted, it ultimately depends on the agreement of your creditors. We cannot guarantee that they will approve the arrangement.

An IVA is a legally binding agreement, and while the monthly payments will be manageable and sustainable, they may require you to stick to a tight budget while the debt is repaid.

It will have an impact on your credit score, and will remain on your credit file for six years, or until the completion of the IVA, whichever is longer.

Your IVA will be listed on the Individual Insolvency Service register, which is a public record.

You will be responsible for paying fees to the IVA company, which will usually be included in your monthly payments.

Money Helper is an impartial service set up by the Government. They provide free debt counselling, debt adjustment and credit information services. 

Legal Process

Should we determine an IVA is the most appropriate solution for you, we will pass your case to The Insolvency Group. Tracey Howarth (IP No: 16410), Mike Reeves (IP No: 7882) and Donald Harper (IP No: 9296) are licensed as insolvency practitioners in the UK with the Insolvency Practitioners Association.

This website is owned by The Insolvency Group Limited and is licensed under the Information Commissioners Office (ICO) for data Handling; DPA No ZA446570

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