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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 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).

Clear Debt Analyser

The ClearDebt Analyser is a unique free tool which shows you your best way out of debt - whether an IVA, debt management, debt consolidation or bankruptcy. Immediate results on screen help you say goodbye to debt worries for good!

Debt Management Comparison

The Debt Management Comparison tool compares the likely impact of an IVA or a debt management plan on your debt and your pocket. Once you have input your real figures youll get an instant comparison for free. You might be surprised by the result!

Debt Repayment Calculator

Easy to use Debt Repayment Calculator illustrates how you can clear your debt and become debt free.

Our debt calculator illustrates the effect of a change in APR on your debts over time.

Case Studies

Become debt free

ClearDebt helps people beat debt and become debt free. Read about our recent cases below where we have helped clear debt.

Taking responsibility - credit card debt dropped by more than 40%

IVA after wage drop and debts spiralling.

Divorce/separation can change your financial life

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R3 IVA standard terms and conditions

IVA Forum Standard Conditions for Individual Voluntary Arrangements

Is An IVA the solution for you?

If you have debts of over £14,000, then an
IVA could be right for you!

  • Reduce your monthly repayments by up to 70%
  • We handle negotiations with all creditors
  • Make one affordable payment each month
Take the ClearDebt Test Now!

Could a Debt Management
Plan (DMP) be your solution?

If you have debts of less than £14,000,
then a DMP could be right for you!

  • Reduce your monthly repayments
  • We handle negotiations with all creditors
  • You must be able to afford a £100 payment each month
Take the ClearDebt Test Now!

Have you taken the Debt Analyser Test?

Find out which debt solution is the best option for you!
It's quick and easy, just let us know your situation and
we'll do the hard bit.

Take the ClearDebt Test Now!

We do..

  • Cut people's debts
    (often by more than half)
  • Freeze the interest you pay
  • Stop the creditor action against you
  • Give free debt advice

We don't..

  • Offer loans
  • Charge for advice
  • Pass your information to third parties (without your prior consent)

News

Debt attitudes helped by unemployment?
(Fri, 27 Nov 2009)

The unemployment rates in the UK may go some way in helping change people’s attitudes towards their finances and the possibility of entering into debt. This is the opinion of Charles Davis from the Centre for Economics and Business Research, who observed that, although the rise in these levels has eased over the last few months, ... more >>

‘Debt despair’ for Dubai expats
(Fri, 27 Nov 2009)

Britons living in Dubai may find themselves increasingly in trouble as the emirate appears to be succumbing to debts reaching £48 billion. According to the Daily Mail, the region has been experiencing difficulties since property prices fell and the stock market collapsed, which saw residents’ investments drop by over 70 per cent. As a result of this, ... more >>

Debtors offered financial education
(Fri, 27 Nov 2009)

A short film has been created in order to help debtors become more financially aware, detailing the clearing process of cheques, what happens if they bounce and when funds are cleared. Angela Thomas, managing director of the Cheque and Credit Clearing Company (C&CCC), which launched the product, noted that research from the organisation has shown that ... more >>

Credit card debt ‘can take years to clear’
(Thu, 26 Nov 2009)

Debts on credit cards that amount to between £1,800 and £2,000 may take more than ten years to clear, if just minimum repayments are met. This is according to This is Money’s Simon Moon, in response to a reader’s letter in which debts of £2,000 on Barclaycard Platinum and £1,800 on Natwest Gold cards were admitted. Taking ... more >>

Debtor protection ‘to be strengthened’
(Thu, 26 Nov 2009)

Mortgage borrowers in the UK are to be better protected under new Treasury proposals that will see the Financial Services Authority (FSA) regulating third-party sales of mortgages. A consultation document is to be published by the government, to close on February 15th 2010, detailing proposals to extend the FSA’s reach regarding second charge and buy-to-let loans. Exchequer ... more >>

Glossary

Tired of debt jargon? Search our glossary of debt terms: