IVA || Credit Settle

What is IVA?

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.
An IVA should be carefully considered because of the possible consequences for your personal, professional and financial life. There are several risks and things you must consider before applying which is why you should get expert debt help.

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IVA Simple Process

Answer a few quick questions

Speak to a debt specialist

Choose your plan

How do I apply for an IVA?

Firstly, have a debt advice session online or over the phone. If we think a debt management plan is suitable for you, we’ll recommend it. at the end of your advice session. You’ll then get a personal action plan with a step-by-step guide to apply for one.
If an IVA is right for you, we can help you set up your arrangement through our own IVA company, StepChange Voluntary Arrangements. We won’t charge you for the advice and support we provide before your IVA is set up.

Benefits of an IVA

You make affordable monthly payments, usually over five or six years
If you’re a homeowner you’ll usually be able to keep your home, as long as you maintain the mortgage payments and any secured loans on your property
There are no set up fees to be paid before your IVA is agreed
There are fees once your IVA is in progress, but these will be included in your monthly repayments and are set by your creditors
If you have a lump sum to offer, this can be paid as a one-off ‘full and final’ settlement, or a combination of a lump sum payment followed by monthly payments
Once you've made your final payment any remaining unsecured debt is written off and your creditors can't pursue you for payments

If there’s equity in your home, you’ll need to try to re-mortgage which may result in a higher interest rate
If you're unable to re-mortgage you can make a maximum of 12 extra payments or a third party can offer a sum equivalent to the equity
If your IVA fails, creditors may request the supervisor of your IVA petitions for your bankruptcy
Your credit rating will be negatively affected
Your creditors may not agree to your IVA
At the end of your IVA, only unsecured debts included in the arrangement will be written off. Any not included will remain outstanding
Your IVA will be recorded on a public register
Once your IVA is set up your spending will be restricted until the IVA comes to an end

Individual voluntary arrangement (IVA)

What is IVA?

IVA Simple Process

Answer a few quick questions

Speak to a debt specialist

Choose your plan

How do I apply for an IVA?

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