We Stop Debt | IVA's | Debt Management Plans

Frequently Asked Questions

Please find below a selection of frequently asked questions regarding our services;

Individual Voluntary Arrangement (IVA) Frequently Asked Questions

What is an IVA?

An IVA (Individual Voluntary Arrangement) is a formal contract set up between yourself and your creditors which is an excellent alternative to bankruptcy. The arrangement usually means you can become debt free within just 5 years, or 60 months from starting the agreement - so long as you stick to your payment plan.

With an IVA your monthly payments are consolidated into just one. We will also negotiate with your creditors in an attempt to get upto 60% of the total debt written off, as this is a formal agreement, your creditors are obliged to do all they can to help you and at the end of the term of the agreement (usually a maximum of 60 months) you will be left totally debt free once more.

Is interest frozen during an IVA?

Yes, we will ensure no further interest is charged once your IVA is set up.

Will I loose my home?

No, the purpose of an IVA is to allow you to avoid bankruptcy and in turn repossession. You may, however be required to release some equity from your property towards the end of the agreement, but this will be laid out in the agreement at the start. Please speak to one of our advisors to discuss this.

If I take out an IVA, will it show on my credit file?

It will, but it will also be likely to be looked at favorably as creditors will see your commitment towards settling your debts. Ignoring the debts, or worse still bankruptcy will seriously damage your credit rating for many years to come.

Where can I find out more?

You can visit our IVA page for further information on Individual Voluntarily Arrangements here. You can also request a call back here. You are also welcome to call us on Free phone 0800 007 6277 to discuss your needs if you are unsure which option is most suitable for you.