Get The Debt Help You Need

*Not suitable in all circumstances, fees apply, your credit rating may be affected

Why Choose Parker Philips Insolvency?

Friendly, Understanding Team

Our highly trained advisors are here to assist you and offer impartial, practical guidance in a completely non-judgmental atmosphere. We understand that anyone can get into financial difficulty, which is why we prioritise treating our customers with empathy and compassion.

Debt Solutions Tailored to Your Needs

When you contact our team, our expert advisors will listen to your concerns, assess your individual circumstances and seek the outcome that best fits your financial situation. Even if that means we point you in the direction of help elsewhere.

A Track Record That Speaks For Itself

We have helped thousands of customers, just like you, navigate towards a more affordable future. Don't suffer in silence. Contact Parker Philips Insolvency for confidential support today and get your finances back of track.

Ongoing Help and Support

Even after you have chosen the right debt solution for you, the support doesn't stop there. We will remain on hand for the duration of your arrangement, providing you with the answers you need to ensure your ongoing success.

What Is An IVA (Individual Voluntary Arrangement)?

Are your debts getting out of hand? Have you reached the point where each month is a struggle? If so, then an IVA could be the answer.  

An IVA can be a great, positive way to help with your debt. Allowing you to continue living your life without the stress of being chased by your creditors.

An IVA is a debt solution where you agree with your creditors to pay all or part of your debts. This agreement is set up and managed by an Insolvency Practitioner (IP), who will receive an agreed monthly payment from you and will divide it amongst your creditors.

Once your IVA has been agreed and set up, your creditors can no longer take action against you.

For the duration of your IVA, all fees and interest relating to your debt is frozen and once completed, the remainder of your debt is written off, allowing you to begin again, debt free.

This agreement is available to residents of England, Wales and Northern Ireland. If you live in Scotland, then you could pursue an agreement called a Trust Deed to help you with your debt.

Who Qualifies For An IVA?

Whether an IVA (Individual Voluntary Arrangement) is right for you or not will largely depend on your personal situation e.g. debt level, number of creditors, affordability etc.

An IVA is a legally binding agreement that enables you to agree an affordable monthly payment to your creditors for a period of5 or 6 years. At the end of your IVA term, any remaining debt will be written off.

This is becoming an increasingly popular way of becoming debt free. So if you owe money to more than one creditor and have a minimum of around £6,000 worth of debt that you are struggling to pay, then an IVA could be suitable for you.

Frequently Asked Questions

Is An IVA Right For Me?

An Individual Voluntary Arrangement (IVA) constitutes a structured approach to debt management, forging a legally binding agreement between you and your creditors.

If you find it challenging to settle your entire unsecured debt but are capable of repaying a portion, opting for an IVA might be a viable choice.

Yes, an IVA will influence your credit score, remaining visible on your credit report for six years following its approval.

Nonetheless, it’s crucial to recognize that this holds true for the majority of debt resolutions, and your credit rating may have already been impacted by your previous indebtedness.

Upon the successful conclusion of your IVA, you will be presented with a clean slate, enabling you to initiate the process of restoring your credit score.

For the most part, initiating an IVA won’t have any implications on your employment status. Nevertheless, specific occupations, including those in accounting and law, might restrict or alter your practice rights if you have an IVA.

Upon entering into an IVA, creditors are prohibited from pursuing any additional actions against you and are not allowed to communicate with you directly.

An IVA can serve as a constructive means of handling overwhelming unsecured debt and facilitating more effective monthly financial management.

Under an IVA, a single monthly payment is decided upon depending on your existing financial circumstances. This payment is then distributed among your creditors. Throughout the duration of the plan, all interest and charges linked to your debts are stopped.

Upon the conclusion of the IVA, any outstanding debts are written off.

Before making the decision to enter an IVA, it’s essential to understand the following points:

  • Your credit score will be impacted.
  • Homeowners might need to release equity from their property as the arrangement concludes.
  • Only the unsecured debts incorporated in the IVA will be waived at its termination.
  • Your IVA will be documented on a publicly accessible registry.

 

This list is not comprehensive, and there are additional factors to consider before opting for an IVA. An advisor will ensure that you are well-informed about the pros and cons, aiding you in making a well informed decision.

While our advice is free, fees will be applicable if you choose to proceed with an arrangement.

We adhere to a clear-cut fixed fee structure, encompassing the Nominee Fee, Supervisory Fee, and all related expenses linked to the arrangement.

The fees will be deducted from your monthly payment or any asset realizations allocated to your arrangement.

An experienced advisor will thoroughly discuss these fees with you, ensuring you have a comprehensive understanding of the associated costs.

IVA Alternatives

Bankruptcy

If it is considered that you are unable to repay your unsecured debt within a reasonable time frame then Bankruptcy could be a suitable for you. It is a faster process than an IVA, however you could be at risk of losing your home and any other assets you may have.

Debt Relief Order

If you have a low income and a debt no larger than £30,000, then a Debt Relief Order (DRO) could be the right option for you. It is a cheaper alternative to bankruptcy but the criteria can be very strict. It is only available to residents of England, Wales and Northern Ireland.

Debt Management Plan

If you have fallen behind or are struggling to meet monthly repayments on your debt, but you can afford a smaller amount, then a Debt Management Plan could be the right option for you. A Debt Management Plan does not involve any debt being written off.

Trust Deed

Only available to residents of Scotland, a Trust Deed is a legally binding, formal debt solution. It is designed for people who are struggling with debts of £5,000 or over. It is considered to be the Scottish version of the IVA.