An Individual Voluntary Arrangement (IVA) is a formal debt solution that creates a legally binding agreement between you and the people you owe money to. You may decide to enter an IVA if you’re struggling to repay the total amount of unsecured debt you currently have but can repay some.

It’s available to people who live in England, Wales and Northern Ireland.

The initial fact-finding and advice call is free and provided by The UK Debt Expert Limited. That call will explore all possible debt solutions applicable to the customer, whether these can be provided by The UK Debt Expert Limited, Creditfix (which is part of the same group) or by a third party

If you live in England, Wales or Northern Ireland, an IVA may be a suitable debt solution. An IVA will be provided by Creditfix and fees will apply.

If you live in Scotland, a Trust Deed or the Debt Arrangement Scheme may be a suitable debt solution. Trust Deeds and DAS will be provided by Carrington Dean Group Limited and fees will apply.

Yes, an IVA, or other debt solution such as a Trust Deed, will adversely affect your credit rating as it will show on your credit report for six years after it has been approved. However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.

In most cases entering an IVA won’t affect employment. However, in certain professions, such as accountants and solicitors, having an IVA may mean that you can no longer practice or you may only be able to practice under certain conditions.

Once you enter an IVA, creditors can take no further action against you and can’t contact you directly.

An IVA can be a positive way to manage unaffordable unsecured debt and allow you to better manage your monthly finances. In an IVA a single monthly payment is agreed with your current financial situation taken into consideration – this payment is then divided between the people you owe money to. During the course of your plan all interest and fees associated with your debts are frozen. At the end of the IVA the remaining debts included in the arrangement are written off.

It’s important to be aware of the advantages of an IVA when considering the best debt solution for your circumstances, such as:

• All creditors are bound by your IVA once approved.
• Creditors can’t take legal action against you in an IVA.
• Interest and charges on your debts are frozen by law.
• All IVA payments are based on what you can afford.
• Your IP will distribute payment to creditors on your behalf.
• You may get a payment break if your situation changes.
• You won’t have to sell your home in an IVA.

An advisor will talk through all the benefits of an IVA as well as other debt solutions with you to help you make an informed decision.

It’s important to be aware of the advantages of an IVA when considering the best debt solution for your circumstances, such as:

• If you are a homeowner and your property has equity in it, you’ll need to try to re-mortgage which could result in an increased interest rate and a 12 month extension to your arrangement. 
• Your credit rating will be affected adversely.
• Only the unsecured debts included in your IVA will be written off at the end of the agreement.
• Your IVA will be recorded on a public register.
• If your IVA fails you could be at risk of bankruptcy.
• Your financial freedom might be restricted.
• Your creditors need to agree to the IVA.

An advisor will ensure you’re aware of the advantages and disadvantages to help you make an informed decision.

We offer debt advice tailored to your circumstances. We’ll find out more about your current financial situation and your lifestyle to advise on the best solution for you.

All of our initial advice is free ; however, fees will apply should you decide to enter into an arrangement.

We operate a transparent fixed fee model, which incorporates the Nominee Fee, Supervisory Fee and all costs and expenses associated with the arrangement.

Fees will be taken from your monthly payment or asset realisations paid into your arrangement.

These will be discussed by an expert advisor to make sure you are fully aware of the costs involved.