IVA (Individual Voluntary Arrangements) Fast!

An IVA (sometimes mistakenly referred to as an Individual Voluntary Agreement) or Individual Voluntary Arrangement will help you clear your debts as:

• An IVA will cut the amount you owe (typically by 50% but in some cases by up to 70%)
• An IVA will freeze the interest you pay
• An IVA will legally prevent creditors taking action against you.

An IVA is likely to be your best route to becoming debt free if you don't have the equity in your property or a big enough surplus - to consolidate debt using a re-mortgage. If you have assets you want to retain (like your house) an IVA will probably be better than bankruptcy. Be careful if you are thinking about a Debt Management Plan (DMP) to deal with your debt matters. A DMP is usually scheduled to last 10 years (twice as long as a typical IVA) and will not necessarily offer any debt forgiveness or stop creditors chasing you.

What is an IVA? How a ClearDebt IVA can help you

An IVA (Individual Voluntary Arrangement) - a legally binding agreement with your creditors that will be overseen and supervised by licensed insolvency practitioners who are also chartered accountants.

IVA should be more prominent in your mind if you owe more than £7,500. A ClearDebt IVA will cut the total you owe, freeze the interest you pay and can remove any threat to the home you own. Your creditors will be legally bound, they will never chase you and you'll have one fixed and affordable monthly payment to make. We do not charge you for our advice and assistance. Once your IVA is approved we take our Nominees and Supervisors fees as approved by your creditors, out of your agreed monthly contribution.

If you owe less than £7,500 and are in employment, then other, less formal ways than an IVA for dealing with your debt might be better, for example debt consolidation or debt management.

Our IVA / Debt Site

Our site is full of debt help / IVA resources to help you understand your situation, cut your household costs and plan a route out of debt. If you owe more than you think you can repay, or you are worried about becoming bankrupt, a ClearDebt IVA could lower your total debts, ensure you pay no more interest and help you become debt-free in five years or less. To see how much less you could be repaying every month, while avoiding bankruptcy, take the free two minute ClearDebt Analyser now. If you feel you are ready to apply for an IVA right now, here is our more detailed questionnaire.

If an IVA is the right option for you, ClearDebt offers more than just information. ClearDebt can help you set up an IVA, a legally binding agreement which provides greater security and, usually, much better terms than can usually be achieved with a debt management plan.

Bankruptcy

Going bankrupt is a big decision. It means you can walk away from all your debts, but you'll lose your house in most cases - and possibly other assets too. It can make getting back on the property ladder problematic - but it is not always the wrong decision. Take a look at our more detailed information on bankruptcy. You may also find it useful to speak to one of the debt counsellors at your citizen's advice bureau or at the Bankruptcy Advisory Service.

ClearDebt wins £250,000 case against IVA Council.

The IVA Council has settled its High Court dispute with ClearDebt Limited by providing an apology to the company and agreeing, along with associated companies and individuals, to pay £250,000 in damages and costs. more»

View Letter Of Apology (pdf).
View Order Of The Court (pdf).
View Freezing Interim Judgement (pdf).

The UK Debt Worry Index

The 1st Debt Worry Index shows struggling debtors owe on average £24,708 - a third of them will never afford to repay all they owe: families are about £7,500 worse off than childless debtors. See Full Report & Interactive Google Map.

The Insolvency Service - Debtor Guide

In Debt? Dealing with your creditors
Free downloadable guide (pdf format).