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Pay Only What You Can Afford*

Reduce Monthly Repayments*

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Take Control of Your Outstanding Personal Debt Today!

Pay what you can afford and reduce your monthly payments with a debt management plan.

Take our free, no obligation debt test today, to find out the best solution for your individual financial circumstances.

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Pay Only What You Can Afford

Once the IVA is in place, you will only have to make one, affordable payment a month to contribute towards the repayment of all of your creditor debts.

Clear all of Your Unsecured Debt

Providing that you make all of your payments on time, your entire debt will be written off after 5 years, irrespective of whether you have cleared the full balance.

Reduce Monthly Payments

Taking out an IVA will ensure that you make one single, reduced and affordable monthly payment that will then be redistributed to the repayment of all of your unsecured debts.

Freeze Interest On Debts

Over the years we have established excellent business relationships with hundreds of creditors across the UK, are more often than not able to facilitate a freeze on any interest or late charges being applied to your debt.

Protection from Legal Action

Once your IVA is put into action, a moratorium will be put in place whereby no creditor will be allowed to pursue any legal action against you for the duration of the arrangement.

 

Stop Creditors Chasing You!

We will communicate with each of your creditors directly and negotiate repayments at a level you can afford each month. Our friendly debt advice specialists will be the single point of contact throughout the debt management process. Get in touch with The Debt Guru today and take the first step towards debt freedom.

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The benefits of an Individual Voluntary Arrangement

Every debt situation is unique, and as such require a specific debt solution to deal with the problem. An IVA is not suited to everyone, but has certain, distinct features that could be highly beneficial to situations of a particular nature. Below are a few of the benefits our clients often experience:

  • Interest and late charges frozen on any outstanding debt.
  • Protection from aggressive legal action that your creditor might be pursuing.
  • Reduced, single monthly payments that are set in accordance to your finances.
  • All unsecured debt written off after 5 years.
  • Retention of your house and any vehicle worth less than £5000.

Find Out How You Can Benefit

Frozen Interest

Interest and late charges are frozen on your account so that it doesn’t spiral out of control

Legal Protection

Creditors cannot take legal action again you for the duration of the arrangement

Single Payments

One, affordable monthly payment that is set at a rate that is ideal for you

Debt Free in 5 Years

All of your unsecured debt is written off after 5 years, irrespective of full repayment

Keep Your House

Ownership of your house is left unaffected keeping stability through your debt problems

Reduced Payments

Have your monthly financial burdens alleviated with lower monthly repayments

 

Call us on 0800 466 1183 to see how we could change your situation

Take Control of Your Outstanding Personal Debt Today!

 

Benefits of an IVA

  • All unsecured debt is written off after 5 years, irrespective of full repayment.
  • You keep ownership of your home and your vehicle, providing the latter is worth than £5,000.
  • Interest and late charges on your debt are frozen.
  • Your debt is placed into a moratorium period where no legal action can be taken again you.
  • No more frequent and harassing phone calls and letters from creditors.
  • One monthly repayment that is set at a value that is affordable for you.

The Disadvantages of an IVA

  • Your credit rating will be negatively impacted and a mark of your IVA will remain on your file for the duration of the arrangement and one year afterwards.
  • You will likely have to release some form of equity in your home during the last year of your arrangement through a remortgage
  • Any new money acquired during the arrangement will have to be told about to your financial advisor who might utilise it for debt repayment.

What is an IVA?

An Individual Voluntary Arrangement is a debt solution that can be pursued by anyone who is insolvent and has multiple creditor debts. Essentially, a debtor enters into a legally binding agreement with its creditors where the amount they pay is reduced to one monthly repayment which is then redistributed to all their creditors. They must first acquire the services of an Insolvency Practitioner, who will then act as a nominee on their behalf who processes and facilitates their IVA. The nominee will set up a meeting between the debtor and their creditors where a new repayment arrangement will be discussed, and providing that 75% of them agree, they are all legally bound to the terms of the arrangement. The debtor will then make one, reduced monthly payment to the nominee who will then allocate the money to all of the creditors. After 5 years, all of the borrower’s unsecured debt is written off, irrespective of full repayment, and they can move forward without having any debt to their name. The debtor must keep up with their new repayments or risk being lobbied for Bankruptcy, though your advisor can be contacted to modify the arrangement if you display that your circumstances have rendered you unable to pay the money back on time.

At Debt Guru, we have a number of insolvency experts who can assist you with your debt problems and determine whether an IVA is for you. If you are interested in applying for one or simply require more information, then contact us free today and we’ll happily provide you with any assistance that you might require.

Do I Qualify?

What criteria must I fulfil to qualify for an Individual Voluntary Arrangement?

  1. You will need someone functioning as a ‘nominee’, who is a qualified insolvency specialist that will be required to preside over your application and future repayments.
  2. You must be insolvent. This means your liabilities must outweigh your assets and you must legitimately be unable to pay back your debt.
  3. You cannot have applied for an IVA or Bankruptcy in the past 12 months.

Is an Individual Voluntary Arrangement the right solution for me?

Individual Voluntary Arrangements are primarily regarded as a radical debt solution, but can be supremely helpful to people in certain debt situations. If you have multiple creditors who are aggressively pursuing you for the money you owe, and have no logistical means of paying it back anytime soon, then an IVA might well be suited to you. Your repayment length will be extended to long enough for you to retake control of your financial situation, whilst you can also rest assured that all of your debt will be cleared after 5 years. You will also not have to deal with numerous attempts at contact from creditors each and every day, and can enjoy contributing to the repayment of your debt in the easiest and most affordable way for you.

If you are however someone who is looking for a swift resolution to your debt problems, then an IVA might not be appropriate for you as they take 5 years and must be abided by stringently. They also affect your credit rating so if you have any future endeavours you wish to partake that require credit funding, then an IVA might not be for you. Nevertheless, their ability to help people retain control of their prized assets, reduce repayment amounts, and get people debt free mean that an IVA is certainly worth considering for all who have multiple creditor debts.

If you are interested in entering into an Individual Voluntary Arrangement or simply want a quote about the costs of one, then contact Debt Guru today and we’ll look through your application as soon as possible to determine whether an Individual Voluntary Arrangement is the best course of action for you.

An IVA tends to take around a month to set up, though this can often extend to around 6 weeks. In certain cases this might be markedly longer, though this is only where complications arise that need to be addressed.

 

Testimonial

"IVA Advice From Professionals"

Reviewed byMrs Smith on May 07th.
“The Debt Guru helped me all the way through the IVA process, I am now on track to becoming debt free.” &nsbp;Rating: 5

Take Control of Your Outstanding Personal Debt Today!

Pay what you can afford and reduce your monthly payments with a debt management plan.