IVA – Tenant in rented accommodation

An Individual Voluntary Arrangement (IVA) is normally a five-year agreement with your creditors that helps you avoid bankruptcy. Interest and charges are frozen, you get protection from your unsecured creditors and upon successful completion you’ll only have paid back a proportion of your unsecured debts; the rest are written off.

If you’re a tenant and you’re worried about your debts, PayPlan can help you. Call us now on 0800 280 2816 or, if you’d prefer, click the “Get advice now” button to request a call back.

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PayPlan help people in debt

Over the last twenty years, PayPlan have helped millions of people who were having difficulty in paying their debts.

Everyone’s circumstances are unique, and our experienced advisers will be able to suggest next steps for you no matter what your financial situation.

This page outlines a very specific case study: where a tenant in rented accommodation was able to avoid bankruptcy and then ultimately repay only a proportion of their unsecured debts after we set up an IVA for them.

IVA case study – tenant in rented accommodation

PayPlan helped a police officer who owed over £40,000 on loans and credit cards. After taking into account his living costs, he could afford a reduced monthly payment of £200 to his debts.

He was worried about bankruptcy as it may affect his job, and we set up an IVA where he made that affordable payment of £200 a month for five years. This meant that his creditors agreed to write off £28,000 of his debt and reduced his monthly debt payments by more than £800.

He avoided bankruptcy and was debt-free within five years.

An IVA may help you if you’re a tenant in rented accommodation

Are you serious about getting out of debt?

Successfully completing an IVA means avoiding bankruptcy and not having to deal with any more unsecured creditor demands for payment. You’ll normally make just one affordable payment for a set period of time, and creditors included in the IVA must freeze interest and charges at the point your IVA is agreed.

Become a PayPlan IVA client and you get:

  • A personal debt adviser to handle your IVA case
  • Just one regular payment to make, based on what you can afford to pay
  • All the support of a company who have, over the last twenty years, helped tens of thousands of people achieve debt-free status through an IVA
  • After the agreed IVA period, whatever unsecured debt remains is written off

And remember, at PayPlan, we do not charge any upfront fees for setting up an IVA.

However you must bear in mind that if you were, for whatever reason, to stop making payments to your IVA then your plan may fail; in which case your creditors may re-apply interest and charges (which were frozen at the point your IVA was approved) or may even petition for your bankruptcy. Read more about the pros and cons of bankruptcy

Want to avoid bankruptcy? Think an IVA could help you manage your debts more affordably? Many people choose to call us on 0800 280 2816 for free no-obligation debt advice, while others prefer to fill in our online Debt Help form so we can call them back.