An individual voluntary arrangement is a type of insolvency and a legally binding arrangement between you and your creditors. It may be a suitable solution if you can afford to pay something to your debts, but not the full amount your creditors want.

Over the first 3-6 months of your IVA contact from your creditors should gradually start to reduce and it's usually nothing to worry about. But, while it’s normal to still get letters or emails chasing the money you owe, if you receive any threatening debt enforcement action, such as from bailiffs or about a County Court judgment (CCJ), you should contact us or your IVA supervisor as soon as possible.

No matter who arranges your IVA there are associated costs and fees. Our IVA costs and fees follow industry standards and, at Credit Settle Voluntary Arrangements we don't charge a fee for the advice and support we provide before your IVA is set up.
All fees are agreed by you and your creditors before an IVA is approved. If at any time you decide not to go ahead with an IVA with us, there will be no fees to pay.

If you've fallen behind with your priority household bills (such as your utility bills, rent or mortgage) and built up arrears then we can add these onto your DMP and include them in your monthly DMP payment.
If you add these arrears onto your DMP we'll help you clear them as quickly as possible. Once your arrears start to clear the amount that's being paid towards your unsecured debts will increase.
This makes repaying your arrears easy and stress free as it's all included in the single monthly payment you make to us. All you need to do is make sure you continue to make the normal monthly payment towards your priority household bills. Learn more about how to get a DMP.

Yes, you can. If you already have a DMP some of your monthly payment may be going as fees to your debt management company. Switching to a free Credit Settle DMP means that all of your monthly payment goes towards repaying your debt – so you could repay them more quickly.
Several debt management firms have closed due to not meeting the required standards set by the Financial Conduct Authority (FCA). If you’ve been affected by these closures, you can switch as well.
The first step to switching your DMP is for us to learn more about your debts and your household budget so that we can recommend the right debt solution for you.

Debt consolidation involves taking out a loan to repay all unsecured debts you may have. Usually the loan would be paid back over a longer period than the debts it was taken out to repay, therefore lowering the monthly payments. However, interest is usually charged.
A debt management plan doesn't involve taking further credit. Instead, new payment terms are agreed with your creditors, based on what you can afford to pay. Use our free, confidential online debt advice toolto see if a DMP is your best option.