- Debt advice

If you have debts of over £15,000 there is a government solution that could offer you a solution to repaying your debtors. It’s called an IVA (Individual Voluntary Arrangement) and is a government backed scheme. To find out whether an IVA is right for you simply click here and we'll put you in touch with a professional debt adviser. They will listen to your situation, calculate your total debt and repayments and then assess if an IVA is suitable for you. You can rest assured that the advice you receive is impartial and free.

IVA (or Individual Voluntary Arrangement)is a legally binding arrangement that you and your creditors (the companies you owe money to) agree upon. An IVA will allow you to settle your debts within a reasonable and fixed amount of time (this is usually about 60 months). Once an IVA has been agreed upon, any interest or debt charges will be frozen and the companies that you owe money to will stop demanding additional payments from you.

An IVA means you agree to repay to your creditors only what you can afford - usually this is one monthly payment and once you've made the final payment, any outstanding debt will be legally written off. The affect an IVA can have on your credit rating could last for around 6 years and this should be taken in to account when deciding if an IVA is the right option for you.