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IVA debt help. Clear up to 80% of your debts

Solutions such as IVAs may not be suitable in all circumstances. Fees may apply
and debt solutions will affect your credit rating.

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Find the Right Debt Solution for You

Debt can feel overwhelming, but the right solution can ease the burden and help you take control of your finances. Whether you need a flexible Debt Management Plan (DMP), a structured Individual Voluntary Arrangement (IVA), or are considering Bankruptcy or a Debt Relief Order (DRO), each option is tailored to your unique circumstances.

Explore your options and get the support you need to move towards a debt-free future. Free, confidential advice is just a click away.

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Dealing with Debt Recovery: Know Your Rights

Debt recovery processes can be daunting, especially when facing bailiffs, collection agencies, or court orders. But understanding your rights and the steps involved can make all the difference.

Whether you’re dealing with bailiff visits, debt collection agencies, or have received a County Court Judgment (CCJ), we’re here to provide clear guidance and support. Take control of the situation with informed decisions, practical advice, and expert assistance.

Protect Yourself with Legal Debt Advice

Debt can be overwhelming, but you’re not alone. Knowing your legal rights is the first step to taking back control. Whether you’re dealing with unfair debt collection practices, facing statute-barred debts, or need to dispute a debt, the right legal advice can make all the difference.

Understand your protections, assert your rights confidently, and get the support you need to handle your debt issues effectively. Don’t let uncertainty hold you back — clear, expert guidance is just a click away.

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Apply for IVA advice

  • You owe £6,000 or more in debt
  • Money is owed to two or more creditors
  • You have a regular monthly income UK

UK residents have debt help rights, including several effective solutions. An Individual Voluntary Arrangement (IVA) is a prominent and highly effective solution which can write off debt, reduce creditor pressure, and freeze interest and charges, paving the way to your debt-free future.

Legal Protection

Once your IVA is in place, creditors are legally barred from contacting you or taking further action.

Single Affordable Payment

Combine all your debts into one manageable monthly payment tailored to your financial situation.

Interest Frozen

An IVA ensures that any interest and charges on your debts are frozen, preventing them from increasing further.

A Recent IVA Example

Before An IVA

 

Loan                                    ————————— £6,594

Credit Cards                      —————————- £6,976

Benefits Overpayment     —————————- £2,188

Catalogue                         —————————-  £316

Tax Bill                               —————————- £159

Small Loan                        —————————- £478

Total Outstanding            —————————- £16,711

£539

Per month

 

With an IVA

83% Debt Write Off 1 Monthly Payment

Client From Rochester

£114 Per month

 

A typical example of an IVA

Personal unsecured debt: £21,000

Number of lenders: 5

Loan                             ———————– £10,000

Overdraft                    ———————— £1,000

Credit Card(s)            ———————— £7,000

Council Tax                ———————–  £1,000

Store Card(s)             ———————— £2,000

Total Owed

£21,000 Your monthly debt repayments: 

Previous £464  _________ New   £148

Frequently Asked Questions

Who can do an IVA?

An IVA can be used by nearly all UK residents.
o Single people where debt is in just one persons’ name
o Married / Co-habiting people where debt is in joint and single names
o Business Owners and Self Employed people
o Homeowners with one house or many
o Tenants
It really is suitable for lots of different situations.

Anything you need to pay regularly is classed as a living cost. For example,
Mortgage/Rent, Food/Groceries, Clothes, Travel/Transport, Car HP, Fuel, Parking costs,
Council Tax, Electricity, Gas, Heat and Light, Phone, Mobile, Internet, even Sky TV if you
have it…
In an IVA you will have an agreed budget for your all your living costs. These expenses
will be mostly based on what you currently have to pay out each month. You should
declare all normal monthly expenses so we and your creditors can understand the full
extent of your situation. There may be restrictions on some expenditure items, such as
mobile phone for example. There may also be extra allowance for special
circumstances in some cases.

Typically an IVA can last for about five years, but in some cases this can be extended. It
is also possible to do an IVA in a shorter period of time, if you can produce a partial or
full lump sum of money. The good thing about an IVA agreement is you will know exactly
when it is complete as it will be outlined in your agreement.

Whilst you are in an IVA, you will understandably not be able to obtain credit of any sort
and you will have to give up any existing credit that you have. This continues until your
IVA is complete. So, your credit rating is not affected forever. When it is finished your
credit rating should begin to repair itself.

You only have to make one monthly payment or in some cases a one-off payment
o Your monthly payment will be affordable and within your monthly budget.
o You can set up an IVA in as little as 4 weeks
o The stigma of bankruptcy is avoided
o Unlike bankruptcy, an IVA is not reported in local newspapers
o An IVA is just between you and your creditors, so it’s confidential
o Protection from creditors, once the IVA is agreed your creditors cannot bring any
action against you as long as you comply with the IVA
o Unsecured debts cleared usually in 60 months
o An IVA could safeguard your property
o An IVA can be complete in as little as 1 year if you can offer a lump sum payment
o All interest and charges are legally frozen.
o An IVA is suitable for homeowners, indivduals or couples and even business
owners

If you are a homeowner with equity in your property you may be required to
introduce part of your share of this equity in the final year of the arrangement. A
remortgage may be restricted and on less favourable terms. If you can’t get a
remortgage your arrangement can be extended for up to another year
o If your circumstances change, and your insolvency practitioner can’t get
creditors to accept amended terms, the IVA is likely to fail. You will still owe your
creditors the full amount of what you owed them at the start, less whatever has
been paid to them under your IVA
o If your IVA fails, your creditors may request that you be made bankrupt. This will
always be discussed before your arrangement commences
o Your credit rating may be impacted for up to six years from the commencement
of your IVA

Most creditors are fully aware of an IVA, as it’s been in existence for over twenty years. If
75% of your creditors by value vote in favour of your IVA, then all creditors are bound by
its terms. Creditors can suggest alterations to your proposal and you can choose
whether to accept them or not. If your creditors vote against your proposal you still have
the option of an informal arrangement.

Debt Free Now is a trading name of Tyler Hampshire Ltd

Email: info@debtfreenow.org.uk

Address:
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Stockport
SK3 8AB

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