here's an example of how we can help you
Everyones debt is unique so this is just an example IVA solution.
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manage your debt with an IVA
An individual voluntary arrangement (IVA) is an agreed repayment with your lender to repay part of your debt.
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what is an IVA?
An IVA is a formal debt solution aimed at people who owe more than £6,000 and who can afford to make a minimum single monthly payment towards all of the debts included in the IVA. Payments usually continue for a period of 5 years, after which time all remaining unsecured debts that were included in your IVA are written off along with accrued interest and charges.
As with any debt solution, it is important to that you seek professional advice before you enter into an IVA. Contact us today for the advice that you need.
benefits
Here’s how an IVA can help you regain financial freedom.
single manageable monthly payments
write off what you can’t afford
you won’t have to deal with creditors
no more spiralling charges
no additional fees
debt freedom
considerations
potential increase in payments
If your circumstances improve during the IVA, increased payments may be requested.
public register
An IVA is a formal insolvency process and a record of this is held on the insolvency register which is a public register held on the internet.
must maintain payments
Failure to comply with the terms of the IVA may lead to the IVA being terminated which means creditors can then pursue you for any unpaid debts including those in the IVA.
loss of assets
Any assets that you acquire before the end of the IVA must be declared and may be claimed by the Supervisor for the benefit of your creditors.
restricted spending
To ensure your creditors receive a fair payment against the amount owed, your spending will be restricted during the course of your IVA.
debts not included remain outstanding
Any debts not included in your IVA will remain outstanding.
we’ve helped over 1000 people find debt freedom
how to get an IVA
1. get advice
Speak to one of our friendly advisors and we’ll assess your situation.
2. figure out your options
Your advisor will discuss which solution is best for you.
3. make a plan
Speak to one of our friendly advisors and we’ll assess your situation.
4. start your journey
If your plan is agreed, your loan will be set up and you can start your journey to debt freedom.
customer feedback
Here's what previous customers have to say.
frequently asked questions
how much does an iva cost
Fees for an IVA are inevitable, although they can differ significantly among different service providers. Certain companies may only charge fees if your IVA is approved by your creditors. These fees are typically deducted from your regular, manageable IVA payments rather than being added on separately.
is getting an iva serious?
An individual voluntary arrangement (IVA) is a formal agreement that you and your creditors must stick to, legally. If you don’t keep up with the payments as agreed, your IVA could fail, leaving you still responsible for your debts. In that case, your creditors could take action against you to recover what you owe. But don’t worry, we’ll only recommend an IVA if it’s the best choice for you based on your situation.
is an iva legally binding?
Yes, an IVA is a legally binding agreement between you and your creditors. This means it’s approved by the court, and both you and your creditors must stick to it or there could be serious consequences.
can i go on holiday with an iva?
There’s no restriction on taking a holiday while you’re in an individual voluntary arrangement. You’re free to spend your money as you wish, provided you prioritise covering your living expenses and IVA payments first.
can i regain my credit rating after an iva?
Your IVA will remain on your credit file for six years starting from the day it was agreed upon. Once this period ends, you essentially have to rebuild your credit rating from scratch. While this may take some time, there are actions you can take to expedite the process.
One strategy is to apply for small amounts of credit from specialised lending companies catering to individuals aiming to rebuild their credit score. By managing this responsibly — ensuring you repay your borrowing each month — you demonstrate to other potential lenders that you’re a low-risk customer, thereby enhancing your credit rating.
Additionally, you can enhance your credit rating by ensuring you’re registered on the electoral roll and regularly checking your credit file to confirm that all information is accurate.
One strategy is to apply for small amounts of credit from specialised lending companies catering to individuals aiming to rebuild their credit score. By managing this responsibly — ensuring you repay your borrowing each month — you demonstrate to other potential lenders that you’re a low-risk customer, thereby enhancing your credit rating.
Additionally, you can enhance your credit rating by ensuring you’re registered on the electoral roll and regularly checking your credit file to confirm that all information is accurate.
how likely am i to be accepted for an iva
IVAs are more likely to get the green light when you’re paying as much as you reasonably can without putting yourself in financial distress. Your proposal will make this clear by detailing your income and expenses. Including all your creditors also improves the chances of acceptance, ensuring fairness for everyone involved.
Rest assured, the qualified IVA experts we work with will only present your proposal to creditors if they believe it has a good chance of being accepted. Ultimately, it’s up to your creditors to decide by voting on the proposal. For it to be approved, creditors representing over 75% of your debts need to vote ‘yes’.
Rest assured, the qualified IVA experts we work with will only present your proposal to creditors if they believe it has a good chance of being accepted. Ultimately, it’s up to your creditors to decide by voting on the proposal. For it to be approved, creditors representing over 75% of your debts need to vote ‘yes’.
can i get an iva if i have a mortgage?
Owning a home and having a mortgage doesn’t prevent you from pursuing an IVA. If there is more than £5,000 of equity in your home, you’ll usually have to remortgage to release money to be paid into your IVA. Equity is how much money you’d make from selling your home once any mortgages were paid off. If you’re unable to remortgage, you’ll carry on making your IVA payments for up to another 12 months. This means your individual voluntary arrangement will last up to six years instead of five.
speak to sarah!
take back control
Taking back control is simple, but it can be a bit unnerving, so we keep you in the loop at all stages. Here’s what will happen after you get in touch.
We will call you to discuss your circumstances.
We help you decide on your best course of action.
We will help guide you through the process.
Care About Money Limited
Registered Office: The Granary 50 Barton Road, Worsley, Manchester, England, M28 2EB. Registered in England and Wales Registration number 13444035. ICO registration number ZB723901.
Care about money Ltd FRN 962287 is an appointed representative of Promethean Finance Limited FRN 662425.
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.
Care About Money does not directly provide debt solutions, it will provide advice and refer you to one of it’s trusted debt solution providers should you choose a solution that suits your requirements. We will receive a fee if you enter into an agreement with one of our partners. Adele Cardoso is licenced as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association.
All work undertaken by Arkle Insolvency Limited and Adele Cardoso (IP number 30710) is subject to the Insolvency Code of Ethics. Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails any debts remaining will not be written off. Failure of your IVA could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected.
Registered Office: The Granary 50 Barton Road, Worsley, Manchester, England, M28 2EB. Registered in England and Wales Registration number 13444035. ICO registration number ZB723901.
Care about money Ltd FRN 962287 is an appointed representative of Promethean Finance Limited FRN 662425.
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.
Care About Money does not directly provide debt solutions, it will provide advice and refer you to one of it’s trusted debt solution providers should you choose a solution that suits your requirements. We will receive a fee if you enter into an agreement with one of our partners. Adele Cardoso is licenced as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association.
All work undertaken by Arkle Insolvency Limited and Adele Cardoso (IP number 30710) is subject to the Insolvency Code of Ethics. Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails any debts remaining will not be written off. Failure of your IVA could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected.