Check if you qualify for an IVA
It's quick and easy, simply complete the form and a specialist IVA adviser will walk you through your options. Initial advice is free without obligation.
Overall representative example for
secured loans
Loan amount
Length of loan
Monthly repayment
£18,000
120 months
£227.38
Broker Fee
Lender Fee
Total amount repayable
£1,530
£495
£26,945.40
Borrowing £18000 over 120 months. 6.5% fixed for 60 months with installments of £227.38. Followed by 60 months at the lenders standard variable rate of 4.95% with instalments of £227.71. Broker fee (£1,530); Lender fee (£495). Total repayable of £26,945.40 comprised of; loan amount (£18,000); interest (£6,920.40); Broker fee and Lender fee. Overall cost comparison 9.1% APRC.
Lower your monthly outgoings- Write off up to 91% of debt*
- It's free to check if you qualify
- Stop debt letters and phone calls
- Freeze interest and charges
IVA Example
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Benefits of an IVA
Below are some of the advantages of an IVA that you should consider when deciding if an IVA is the right debt solution for you.
- You could write of up to 90% of unsecured debts
- Make a single, affordable monthly payment towards all of your unsecured debts
- If your IVA is approved, all creditors, even if they voted against the IVA, will be bound by it.
- Once your IVA is approved, interest and charges with your creditors will be frozen
- An IVA can protect your assets, even cars on finance
- You will never be forced to sell your home while in an IVA
- Upon completion of your IVA, the balance owing to unsecured creditors included in the IVA will be written off
- You won’t have to deal with creditors directly while in an IVA. Your Insolvency Practitioner will take over and deal with all communication on your behalf
Risks of an IVA
Below are some of the consequences of entering an IVA that you should consider. These include:
- During your IVA your spending will be restricted
- During an IVA you will find it difficult to get further credit
- Creditors may not agree your IVA
- Not all debts can be included in an IVA, for example, child support, student loans, magistrate court fines
- If you’re a homeowner and have equity in your home, you could be required to release that equity in the final year of your IVA, through remortgaging, to pay towards your debts
- If you miss payments under the terms of your IVA then the agreement could fail, which can lead to bankruptcy.
- IVA’s are publicly recorded on the Insolvency Register
- An IVA remains on your credit file for 6 years after it is accepted, which typically has a negative effect on your credit score
We only provide advice on IVA’s. To find out more about managing your money, other debt solutions and getting free advice, visit Money Helper, an independent service set up by HM Government to help people manage their money.