Individual Voluntary Arrangements (IVA)

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An Individual Voluntary Arrangement, or IVA, allows you to reduce your monthly payments to creditors, and write off* your debt within a sensible period - usually around 5 years. It is legally binding, so your creditors will not be able to make changes unexpectedly, giving you a structured payment plan that allows you to continue with your life, without the worry of creditors chasing and mounting debt. Speak to a specialist today!

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IVA Example

Here's how an IVA can help make debt affordable.

Current Unsecured debts: Monthly repayment: £450 Total owed: £25,000

Within an IVA agreement: Monthly repayment: £200 Total repaid by borrower: (inc. fees and costs) £12,000

New repayment varies from arrangement to arrangement. Based on someone who completes an MFIP IVA lasting 5 years and has no equity in a home. Total unsecured debt written off on completion £13,000 (52%).

 

Example taken from Debt Advisory Line, of which Money Hospital is a trading style.

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What is an IVA?

An Individual Voluntary Arrangement is an arrangement with your creditors, where they agree to be paid what you can afford to pay them each month, over a period of 5 years. It provides an option for those with unmanageable unsecured debts to be able to pay off their debts, without having to declare themselves bankrupt.*

Fill in the form above and our sister company, Leadbay, will put you in touch with a specialist advisor who can help with your situation.

* When the Individual Voluntary Arrangement is successfully completed, your unsecured debts contained within it will be written off. After completion, the effect on your credit file is likely to remain on file for 6 years. . If you fail to keep up IVA repayments this could lead to Bankruptcy or loss of assets. Repaying debt over a longer period may increase the total amount to be repaid. Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.

To operate this service, Money Hospital may receive a fee from Leadbay.

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