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5/5 Rating
An IVA Could Help Clear Your Debts
There are a range of debt management solutions available, including IVA's, that could help you regain financial control and write off a significant portion of your unsecured debts.
One affordable monthly payment
Unaffordable debt is written off
Interest and charges will stop
Check all debt solutions available
Safe, secure & confidential
5.0/5
May not be suitable in all circumstances. Fees apply. Your credit rating may be affected
To find out more about managing your money and getting free advice, visit Money Helper, independent service set up to help people manage their money.
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Example solution: Client was £31,313 in debt
He had multiple debts including credit cards, unsecured loans, store cards and buy-now-pay-later debts.
With an IVA in place, our client saved £919/month.
May not be suitable in all circumstances. Fees and disadvantages apply, read here.
5.0/5
How it works
We've made it quick and easy to access support and guidance from debt specialists.
Get started online
Use our online form to tell us about yourself, finances and debts.
Let's have a chat
One of our specialists will then assess your case and check your eligibility for suitable debt solutions.
Choose your solution
Once we’ve discussed your options, it’s over to you to decide what you'd like to do, with a clear path to get out of debt.
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What are the benefits of an IVA?
Consideration of an IVA
Creditors don’t have to agree to an IVA proposal so it’s not guaranteed
It affects your credit file for six years
Your information will be held on the public insolvency register
There are costs involved with an IVA, which are outlined in our Fees and Key information section. However, costs are deducted from the contributions you make. These will be fully explained to you and detailed fully in your IVA proposal
If you own a property/properties, you may be asked to release equity from the value to pay off debts. A remortgage may attract higher rates of interest or, if no remortgage is available, an IVA may be extended by 12 months
If your IVA fails, it may result in Bankruptcy
If you earn additional income then a percentage of this may need to be paid into the IVA
Only unsecured debts included within the individual voluntary arrangement may be discharged at the end of the period and unsecured debts not included remain outstanding
Borrowing any amount over £500 can only be done with the express permission of the Insolvency Practitioner
We're Rated 5 / 5
'Kind, friendly and professional'
“All personnel whom I dealt with were kind, friendly and professional. All my questions were answered and all details were explained crystal clear. Made setting up my IVA easy.”
Damien Tobin • 2 days ago
'Excellent service'
“Great service, friendly and professional and explained everything in detail and any questions I had”
Paul in Plymouth • 2 days ago
'They did all the hard work'
“Abbbotts has helped me so much to sort my finances and get an IVA in place. They did all the hard work. Thank you so much for making my life less stressful with sorting my money out”
Louise Peach • 8 days ago
5.0/5
Verified Review
'Kind, friendly and professional'
“All personnel whom I dealt with were kind, friendly and professional. All my questions were answered and all details were explained crystal clear. Made setting up my IVA easy.”
Damien Tobin • 2 days ago
Verified Review
'I would recommend anyone to Abbotts who were in same situation'
“Very polite and professional, made everything easy and understable.”
Paul in Plymouth • 2 days ago
Verified Review
'They did all the hard work'
“Abbbotts has helped me so much to sort my finances and get an IVA in place. They did all the hard work. Thank you so much for making my life less stressful with sorting my money out”
Deborah Hudson • 3 days ago
Verified Review
'Brilliant team and soo helpful put our minds at ease'
“Service was amazing and soo helpful”
Thomas Harris • 8 days ago
Verified Review
'Fantastic Service'
“My iva went through this morning, once I'd been honest about what I owed it a relatively easy process. I've been kept informed every step of the way and I can honestly say I feel like a weight has been lifted”
Sharon Tasker • 12 days ago
Verified Review
'Absolutely A1'
“They put me at ease and kept me updated as things went along. They explained everything in laymans terms making it easier for me to understand. They are brilliant.Thank you Cherelle for all your help. Would highly recommend”
Jennifer Stringer • 13 days ago
Verified Review
'The most easiest stress free process'
“Customer service was spot on, helped me with things I didn’t even know about, gave me numerous options.. never told me once I couldn’t do this or that!”
Jessica-May Scott • 13 days ago
Verified Review
'Really friendly and helpful service all the way through'
“Kept totally up to date on what was happening and thoroughly explained all parts of the process. Would recommend to anyone in a similar situation looking for help.”
Matthew Simmons • 13 days ago
Verified Review
'Great service'
“Matt and jasmine were very knowledgeable and easy to deal with, they made the process easy and surprisingly quick. Very professional.”
Jonathan Amato • 19 days ago
Why us?
At Clear My Debts we believe that a friendly, personal service from a dedicated team of experts makes your debt solution more likely to succeed.
Professional
Our team specialises in debt solutions like IVAs
Client Satisfaction
Rated 'Excellent' based on client reviews
Clear Fees
Clear and fair fee structure for our services
Understanding
We listen and never judge. We're here to help you achieve a brighter financial future
5.0/5
IVA: Frequently Asked Questions
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a formal and legally binding agreement between a person and their creditors to pay back debts over a period of time. It is an alternative to bankruptcy and is used in the UK. An IVA must be supervised by a licensed Insolvency Practitioner.
Who Qualifies for an IVA?
To qualify for an IVA, typically, you must:
- Be a resident in England, Wales, or Northern Ireland.
- Have a certain level of unsecured debt (usually over £6200).
- Owe money to two or more creditors.
- Have a regular source of income to make repayments.
- Demonstrate that you can't pay your debts as they fall due.
How Does an IVA Affect My Credit Rating?
An IVA will be present for the duration of the arrangement and usually remains on your credit file for an additional year after the IVA is completed, totalling six years.
What Debts Can Be Included in an IVA?
Most types of unsecured debts can be included in an IVA, such as credit card debts, personal loans, overdrafts, and arrears. However, secured debts like mortgages, student loans, court fines, and child support arrears cannot be included.
How Long Does an IVA Last?
An IVA typically lasts for five years (60 months), but the term can vary depending on individual circumstances. In some cases, it can be extended to six years if, for example, you have a property you can't remortgage.
Can I Own a Home During an IVA?
Yes, you can own a home during an IVA. However, if you have equity in your home, you may be required to try to remortgage in the final year of the IVA to release equity to pay into the arrangement. If you can't remortgage, the IVA may be extended for another year.
What Happens If My Circumstances Change During an IVA?
If your circumstances change during an IVA, such as a change in income or unforeseen expenses, you should inform your Insolvency Practitioner immediately. They can review your situation and may adjust your payments or the terms of the IVA accordingly.
What Are the Alternatives to an IVA?
Alternatives to an IVA include:
- Debt Management Plan: An informal agreement with creditors to pay debts over an extended period.
- Debt Relief Order: Suitable for those with a low income, few assets, and less than £20,000 in debt.
- Bankruptcy: A legal status for people who cannot repay their debts.
- Consolidation Loan: Combining multiple debts into a single loan with one monthly payment.
- Informal Negotiations: Directly negotiating payment terms with creditors.
Each alternative has its own benefits and drawbacks, and the suitability depends on individual financial situations.
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