For many people struggling with repayments, an IVA can be a good solution to their debt problems.
More affordable
An individual voluntary arrangement can make repaying your debts easier and more manageable because your current, multiple debt repayments will be combined into one, reduced and affordable monthly payment.
Your Insolvency Practitioner will take all your essential living expenses into account so you will only pay what you can afford towards your debts.
Less stressful
An individual voluntary arrangement can reduce much of the stress associated with your debt problem.
As long as you keep to the terms of your IVA, your unsecured lenders are prevented by law from contacting you. This means all letters and telephone calls will stop.
Your creditors will not be able to take any further court action against you to recover the debt. They will also not be able to add any further interest or charges to your debts.
What’s more, under an IVA, you may be allowed to keep any property you own, making it a more favourable alternative to bankruptcy for many homeowners.
Fresh start
Once you have completed your IVA, your remaining unsecured debts will be written off, so you can make a fresh financial start.
IVA information and advice
As the UK’s leading debt help charity, we can provide information on all aspects of IVAs, and will give you free, confidential debt advice.
Our online counselling service, CCCS Debt Remedy, can assess your situation and identify the best way for you to get out of debt according to your individual circumstances.