How do I arrange an IVA? 

IVAs are a legally binding contract, which can only be arranged by a licensed Insolvency Practitioner, who will put forward your IVA proposal to your creditors.

Your Insolvency Practitioner will help to agree what you can afford to repay each month and you must commit to paying that amount each month.

Your creditors are likely to accept an IVA repaying much less than what you owe, as they can avoid any expensive debt recovery or bankruptcy costs.

Remember that an IVA is legally binding between you and your creditors. This means that you should never enter into an IVA if you cannot afford the monthly repayment, as failing to do so means that bankruptcy proceedings may start against you.

To see if you qualify for an IVA, please speak to our qualified IVA advisors on 0808 131 9103. 

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)