How does it work?
An Individual Voluntary Arrangement (IVA) freezes your debts and allows you to pay them back over a set period of time. Any money you still owe after this is then written off altogether.
You can apply for an IVA if you have a lump sum to pay towards your debts – or if you can afford to pay something towards your debts, but not necessarily the full amount required. Since the repayments will usually last for a period of five or six years, you’ll also need to show that you have a regular, long-term source of income.
If you’re eligible, you’ll need to contact a qualified Insolvency Practitioner, who’ll put together a proposal for repayments and ensure it gets the approval of your creditors. From then on, you’ll make monthly repayments to this Insolvency Practitioner, who’ll distribute the money – and may keep some of it to pay their own fees.
Once you’ve signed an IVA, it’s a legally-binding agreement, which means neither you nor your creditors can back out. You need to make sure it’s right for you, so it’s a good idea to get advice from a free, independent and expert service like ours.
Get in touch with our team today by calling 0808 164 2480 or filling in our short assessment form.
What to expect
- We’ll use the information you’ve given us on the phone or in your assessment form to establish the nature and urgency of your debt.
- We’ll book you in for a face-to-face appointment at your nearest centre – or a telephone advice session if required – so we can give you a detailed analysis of the help available to you.
- We’ll discuss your options and talk through the pros and cons of each.
- We’ll establish the best possible solution and help you to resolve your debt – whether that’s by means of advocacy, representation or negotiation on your behalf, or by helping you write letters and supporting you throughout the process.
Every year, we help thousands of people to become debt-free.
Debt Free London is a partnership of 26 debt charities led by Toynbee Hall, which provides free, trustworthy advice sessions across London. Our service is funded by the Single Finance Guidance Body (previously Money Advice Service) and we’re authorised and regulated by the Financial Conduct Authority.