How an IVA can help you and your family

An Individual Voluntary Arrangement (IVA) is a flexible, legally-binding debt solution that can help you take control of your finances – while protecting your home, your income and your peace of mind.

Here are real-life examples of how we’ve supported people from all walks of life. Please remember that these examples are of individual people and everyone has different experiences, so you may not have the same outcome.

Joint debt and families

“We were drowning in debt – but PayPlan helped us breathe again.”

We helped a family with over £60,000 in joint debt across credit cards, store cards and loans. The husband worked full-time in government, while his wife had a part-time role in a supermarket. With two children and a mortgage, the pressure was mounting.

They could afford £300 a month together, so we arranged individual IVAs for each of them, splitting the contribution between the two:

• Their home was protected.
• £42,000 of debt was written off.
• They became debt-free in five years.
• Contact from creditors stopped.

Foster carers

“I was scared bankruptcy would stop me fostering – an IVA saved my role.”

This client, who fostered between one and three children at a time, owed £25,000.  She was worried that bankruptcy would impact her ability to continue fostering.

We worked with her to build a 12-month cashflow based on her income and variable household costs. Creditors accepted average monthly payments of £220, rather than a fixed amount – allowing for flexibility:

• She kept fostering.
• £12,000 of debt was written off.
• Her monthly repayments were tailored and sustainable.

Clients receiving benefits

“My health changed, but I still wanted to clear my debts.”

We supported a client with a disability who could no longer work and was now reliant on benefits. He owed £30,000 in old credit.

With the help of his parents, he committed to £100 monthly payments into an IVA. He chose this over bankruptcy to meet his responsibilities on his own terms:

• £24,000 of debt was written off.
• His IVA protected his dignity and future.
• He paid what he could afford, with support from loved ones.

When circumstances change

“I started a DMP – but my IVA gave me a better way out.”

A factory worker originally entered a Debt Management Plan (DMP) for £10,000 of credit card debt, paying £200 a month. But when overtime was cut, he could only afford £100 – doubling the time it would take to repay.

We reviewed his options and helped him switch to an IVA, which provided a clear end date and formal protection from creditors:

• His IVA was based on his new income.
• £4,000 of debt was written off.
• He became debt-free in five years.

You don’t have to face debt alone

From young families to pensioners, foster carers to those on benefits – an IVA can be shaped around your life. And if your circumstances change, we’ll help you adjust your plan.

Call us free on 0800 316 1833, start a chat a live chat or message us on WhatsApp.