Do I Qualify?
Disadvantages from an IVA

Learn more about what the disadvantages can be when choosing an Individual Voluntary Arrangement (IVA) as the debt solution to control your debts and get you debt-free

Will stay on your credit file for up to six years and could effect your ability to get credit during that time

Can only apply for up to £500 credit whilst in the plan

If you include energy debts your supplier could request a prepayment meter be installed

Should you not see the plan out due to a change in circumstances the debt will be handed back to you, losing all funds paid to fees

Creditors may not approve your IVA

You may lose any extra money you declare during the plan such as an inheritance payout

It may affect a job application where you are credit checker or against the terms of employment

You may find it difficult to Re-Mortgage your home during the plan

This may effect you gaining a tenancy privately

Your name will be entered into the insolvency register (this does not show by searching your name on search engines)

Do I Qualify?

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Free and impartial help with money – MoneyHelper

A formal debt solution may not be suitable in all circumstances. Fees apply. Your credit rating may be affected. 

*Debt examples are subject to creditor acceptance, payments are subject to individual circumstances, credit may be affected. Fees may apply.