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IVA (Individual Voluntary Arrangements)

What is an IVA and how to clear your debts in affordable payments with an IVA from PayPlan*

An IVA (INDIVIDUAL VOLUNTARY ARRANGEMENT) is a formal agreement between you and your creditors – the people you owe money to. It works by you agreeing to REPAY A PERCENTAGE of your debt in affordable monthly payments over a given time (typically around five years), and they agree to write off any outstanding debt once your final IVA payment is made.

In some cases an IVA can write off a significant proportion of an unsecured debt and should put an end to any demands and threats from your creditors. For many people, it’s the preferred solution as it enables them avoid bankruptcy, and all the un settling consequences that come with it.

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Is an IVA right for me?

If you have an unsecured debt of £7,000 or more, an IVA could be the right choice for you. It’s a practical, easy-to-understand debt solution that enables you to manage your debt WITHOUT WORRY or despair. As an IVA is a legally binding agreement between you and your creditors, there’s no chance of any nasty surprises along the way.

Once you’ve agreed the percentage of your debt to repay, this will not change and no additional interest or charges can be added. So, as long as you keep up your agreed monthly repayments, your outstanding debt will be WRITTEN OFF after your final payment is made.

The benefits of an IVA from PayPlan 

  • It’s affordable

All of your unsecured debt repayments will be combined so you’ll have JUST ONE, AFFORDABLE, MONTHLY PAYMENT to make. The costs of managing your IVA are built in and interest & charges are frozen whilst you are in the IVA – meaning there will be no nasty surprises or hidden charges added midway through your repayment term.

  • Easy to set up

Your personal debt advisor will walk you through your IVA application – and with an AVERAGE APPROVAL RATE OF NEARLY 90%**, you can be sure that we’ll soon have you set up. We’ll then be on hand to offer advice and support throughout your repayment term in case your circumstances change.

  • Frozen interests and charges 

An IVA is a LEGALLY BINDING AGREEMENT between you and your unsecured creditors. You make a commitment to pay an affordable monthly sum and by law, they are not permitted to add further interest charges to your debt nor demand changes to it. So, you’ll be free from threatening phone calls, letters and emails.

  • Peace of mind

When you make your last IVA payment, the balance of your debt will be written off, as long as you have complied fully with the terms and conditions of the IVA. We’ve successfully helped over one million people with their personal debt problems, so you can be confident that our FRIENDLY AND UNDERSTANDING APPROACH can help you too.

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At PayPlan, we always ensure our clients understand fully all aspects of the debt solutions we offer. Our aim is to put you in control of your debt, because the sooner you are, the sooner you can start ENJOYING LIFE again.

If you don’t keep to your agreed repayment terms, your IVA could fail. If this happens, creditors can pursue you for repayment of the outstanding debt. They may also re-apply interest & charges, and in some circumstances they may petition for your bankruptcy. In some cases an IVA may not be approved.

Also, if during your IVA you become able to repay 100% of your debts (plus interest and charges), you will be required to settle the amount in full.

By embarking on an IVA, you will be entered into a public register and your credit rating could be adversely affected. And, although your monthly payments may be lower, your repayment period could be longer – this will largely depend on the percentage of debt your creditor is willing to write off.

*PayPlan refer clients to PayPlan Partnership Limited and PayPlan Bespoke Solutions Limited for IVAs.

**Average approval rate based on IVA applications submitted Jan-May 2015 is 89%.

Read more about the pros and cons of an IVA.

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Struggling with debts? Contact us today!

At PayPlan, we like to do things differently. We see debt as a PART OF LIFE so have developed a wide range of practical debt solutions that help people to deal with their debt and get on with living their life.

The best way to find out what makes us different is to call us free on 0800 280 2816 and have a chat with one of our fully trained advisors. They’ll listen to you and talk about you, your life, your debt and your aspirations. You’ll find them understanding of your situation and helpful in your search for a solution that’s right for you.

If you already think that a PayPlan IVA is the right choice for you, call our advisors today on 0800 280 2816 for confidential, no obligation advice. And don’t be put off if our advisors are busy helping our other clients, just fill in our online Debt Help form and we will call you back.

PayPlan client reviews for IVA debt management

We rate 4.8 out of 5 based on 31 IVA reviews

4 out of 5
I have been on my IVA for 48 months now. It is hard but without Payplan i do not know what i would have done. They have certainly helped me.

5 out of 5
professional quality service have dealt with my claims clearly and explained any additional queries.

Read all IVA reviews