Struggling with unsecured debts like credit cards or an overdraft? You may consider a debt solution like an IVA to reduce your monthly repayments. Use our calculator to check if you qualify.
*Calculations are based on total write off data for IVAs and Trust Deeds in 2024. Debt write-off is subject to individual circumstances. Monthly payments may vary. Other solutions are also available. Fees & disadvantages may apply. Not all applicants are eligible.
Individual Voluntary Arrangement (IVA)
An IVA will be recorded on your credit file and will remain there for six years from the date it was approved. During this time, you may find it more difficult to obtain credit. However, once the IVA is completed and removed from your credit file, you can begin to rebuild your credit score.
Your IVA will be recorded on the Individual Insolvency Register, which is a public register. This means that your creditors, employers (in some cases), and any member of the public can see that you have an IVA. However, in practice, most people only search the register if they have a specific reason to do so.
Getting a mortgage while in an IVA is very difficult, as most mainstream lenders will not approve a mortgage application. However, once your IVA is completed and removed from your credit file after six years, you may be able to apply for a mortgage, though specialist lenders may be required initially.
Yes, it is possible to end an IVA early. This is typically done by making a lump sum payment to your creditors that they agree is an acceptable settlement of your debts. This is known as a full and final settlement IVA. The lump sum could come from a windfall, an inheritance, or equity released from a property.
If an IVA fails — for example, because you miss payments without agreement from your Insolvency Practitioner — it can be terminated. In this case, your creditors may then pursue you for the original debts, plus any interest that has accrued. In some circumstances, you could face bankruptcy.
I got myself in a hole and needed the…
I got myself in a hole and needed the help. Spoke to a lady called Tina who was great and understood my situation and offered me options on how to deal with it. 2 weeks later the option I picked has kicked in and its a relief! Deffo recommend. Easy process
Hamza ali Azad
Bhavesh was amazing
They constantly reassured me and asked if I was comfortable continuing. I didn’t feel overwhelmed and I felt listened to and not judged. They gave me chances to ask questions and continuously checked my understanding. I will definitely sleep better tonight after my appointment!
Carol Smith
I was overwhelmed with my situation
I was overwhelmed with my situation after my circumstances had changed. I did not know how to overcome the escalating debt.I spoke with Steph Hodge. She was so kind and very patient with a non judgmental approach.I can’t thank her enough for reassuring me and giving options for a resolve on my all consuming debt issues!
Andrea Markwick