Apply for IVA advice if:

Residents of England and Wales have a legal right to seek debt assistance, and there are several well-established solutions designed to help individuals not only reduce their debt but also ease the stress caused by persistent creditors. These solutions can also freeze mounting interest and additional charges, providing much-needed relief.

An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your creditors to repay your debts over a period of time. It is an effective debt solution for those who have significant debts and are struggling to make repayments. Here's why an IVA might be suitable for you:

• Debt Consolidation: An IVA consolidates all your debts into one manageable monthly payment, making it easier to keep track of your finances.
• Debt Forgiveness: Once the IVA period is completed (usually five years), any remaining unpaid debt is legally written off, providing you with a fresh financial start.
• Protection from Creditors: An IVA legally prevents your creditors from taking further action against you, such as bankruptcy or additional legal proceedings.
• Fixed Repayment Plan: Your repayments are based on what you can realistically afford, ensuring that you can manage your living expenses while paying off your debts.
• Asset Protection: Unlike bankruptcy, an IVA typically allows you to keep your home and other important assets, offering greater security for you and your family.
• Interest and Charges Freeze: During the IVA period, interest and additional charges on your debts are frozen, preventing your debt from increasing further.

An IVA can be a lifeline for individuals facing overwhelming debt, providing a structured path to financial recovery and peace of mind.