How an IVA can help you
Make one monthly payment based on how much you can afford.
You'll no longer have to deal with phone calls, letters and emails from your creditors.
Interest, charges and debts are written off at the end of an IVA.
Things to consider...
If you own your own home you may need to release equity in the last year of your IVA. If you're unable to remortgage, you may have to make extra payments for up to another year.
But remember if the IVA fails you could be at risk of bankruptcy.
Your IVA will have an affect on your credit score.
How monthly payments were made more affordable for IVA customers.
These figures are based on average unsecured personal debts of £30,465 across 11 lenders.
Based on average figures across all IVAs arranged by our debt solutions provider in 2015. Circumstances and payments to the IVA are based on what is realistic and affordable for each individual customer.
Complete your report
See which solutions are available to you.Get started
For more help and advice on getting debt free, visit the Money Advice Service, an independent service set up to help people manage their money.
What happens during an IVA?
- Once you've completed your debt report, we will pass you onto our chosen FCA regulated partner who can tell you whether an IVA is right for you.
- They'll explain all your options and recommend a suitable solution.
They'll deal with lenders
- If you enter an IVA, your lender can no longer take any action against you and you won't have to deal with lender contact.
- With an IVA you can start making new, lower monthly repayments.
Be in control
- Your relationship manager is there to answer all of your questions.
- Once your IVA is completed (usually 5 years), any remaining debt included in the IVA will be written off.
- You'll have to keep to a budget for the full term.
Lenders are not obliged to accept less than contractual payments or freeze interest and charges. IVAs are available subject to eligibility and acceptance, alternative solutions may be offered. Your IVA will have an affect on your credit score. Fees payable if continuing services are provided. Fees are explained here.
Why Debt Support UK?
- We work alongside our chosen company that is regulated by the Financial Conduct Authority.
- Their advisors are UK based and fully trained to give debt advice.
- They'll listen to your worries and get a really good understanding of your situation before recommending the right solution.