Debt Help

Individual Voluntary Arrangement (IVA)

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 Individual Voluntary Arrangement (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.

If you apply for an IVA ,then this agreement could allow you to write off up to 81% of your total debt based on government legislation and will often give you a greater level of control than bankruptcy.

Once your IVA has been agreed and set up, your creditors can no longer take action against you and won’t be able to contact you, but it will affect your credit rating for six years, making it difficult to get further credit during this period. Your details will also be placed on The Register of Insolvencies, which is a public record, while you clear your debts.

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.

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. If you are a resident of England, Wales or Northern Ireland, then an IVA (Individual Voluntary Arrangement) is a similar solution, but it is important to note there are differences to the benefits, downsides and fees. 

A Trust Deed is an arrangement between you and an Insolvency Practitioner (IP) whereby your debt is reduced into one affordable monthly payment. An IP is a qualified professional, licenced to act on your behalf in the role of a ‘Trustee’.  

Once your Trust Deed has been agreed and set up, your creditors can no longer take action against you and won’t be able to contact you, but it will affect your credit rating for six years, making it difficult to get further credit during this period. Your details will also be placed on The Register of Insolvencies, which is a public record, while you clear your debts. 

For the duration of your Trust Deed, 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.