IVA

The term IVA refers to an Individual Voluntary Arrangement.

An IVA is a legally binding agreement between you and your creditors which allows you to make one affordable monthly payment (excluding your mortgage and any other loan secured on your home).

An IVA can be arranged for you by a licensed insolvency practitioner who becomes your nominee and is then legally authorised to represent you in negotiations with your creditors.

For many people an IVA is a solution they consider when they feel there is no real prospect of paying off all of their debts. Read more about  what is an IVA. 

Complete our short online form and one of our experienced advisors will call you back to discuss your circumstances.

IVA advice for your situation »

 

Benefits of an IVA

If you complete an IVA (usually over five years) you can:

• Freeze interest and charges on all your unsecured debts
• Write-off all the debt you are unable to repay within the IVA
• Avoid bankruptcy
• Reduce your monthly repayments an affordable amount
• Stop unwanted contact from your creditors

The Effect of an IVA - be aware

An IVA is a serious financial undertaking and is a long term process that usually lasts five years. You should also be aware that there can be negative consequences to an IVA and everyone's circumstances are different. Read more about these here: IVA Pros and Cons

To make you aware of all the different aspects of an IVA we have compiled an extensive list of IVA Frequently Asked Questions.

If your question hasn't already been answered in our FAQ you can also ask, free of charge, anonymously and in real time, one of our qualified debt advisors for debt advice relating to your individual circumstances.

An IVA with ClearDebt to help you become free of debt

ClearDebt specialise in IVAs and can offer you a number of advantages over other organisations who offer similar services:

• Zero upfront fees for setting up an IVA with your creditors
• Immediate advice over the phone and online, no waiting
• Qualified advisors on call, not commission telesales
• Insolvency practitioners who represent you, no passing your details to an external panel
• Competitive IVAs setup for debt amounts as low as £10,000 - which is lower than most other organisations

In order to qualify for an IVA you must meet a number of different criteria. Read in more detail to find out if an IVA is right for you

Can I get an IVA? »

Complete a short form and we'll call you back to determine if an IVA is an option for you or you can call us on 0800 019 2095 to discuss your finances in more detail.

IVA as an alternative to bankruptcy

There are a number of significant differences between an IVA and bankruptcy, such as being able to protect your home from forced sale. You can read about the advantages of choosing an  IVA instead of bankruptcy.

IVA fees and costs

You do not pay any upfront fees for debt advice from ClearDebt given prior to the IVA being prepared and we do not charge for services up to the point where you return your completed, agreed, creditor documentation to us.

The fees ClearDebt charge for preparing and supervising your IVA are included in the agreed monthly amount you pay into your arrangement. There are no additional or hidden IVA costs from ClearDebt. You can read in more detail about ClearDebt's IVA costs here: IVA fees.

Trusted IVAs with ClearDebt

ClearDebt arrange thousands of IVAs every year for individuals from all walks of life in debt.

Read IVA stories from people in similar situations to you and verified reviews about ClearDebt on independant websites.