Individual Voluntary Arrangement (IVA)

If you are having serious debt problems, unable to keep up on minimum repayments and have more than £15,000 of unsecured debt, then an IVA from AllClear Finance could be your solution to becoming debt free.

How an AllClear Finance IVA Can Help You: 

There are many benefits of an IVA, including:

• Any unaffordable debt is written off. You only repay what is affordable after taking into account your personal circumstances.
• 60 month repayment period, after which you will be debt free.
• All interest and charges are frozen, meaning that your debt will not increase.
• Your creditors and debt collectors will no longer chase you for money, and we will deal with all the letters and phone calls.
• Legal action, including bankruptcy proceedings will stop.
• No fees. Our service is free. Our costs are paid by your creditors from your contributions.
• As it is a legally binding to your creditors, they are bound to the terms and conditions of the agreement.

An IVA is a less severe alternative to bankruptcy, and no other debt solution can write off any amount of your debt. If you qualify for an IVA then it is often your best way to becoming debt free.

Not sure if an IVA is right you? Take the AllClear Finance 1 Minute Debt Test to see your potential debt solutions. 

If you want to hear more about how an AllClear Finance IVA can work for you and if you qualify, please call our expert IVA advisors on 0808 131 0038.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)