An Individual Voluntary Arrangement is an insolvency solution in the UK (For Scotland please click here) that can allow you to be debt-free in just five years paying what you can afford, and the rest is legally written off.

An Individual Voluntary Arrangement is a legally binding agreement which once in place cannot be broken by the creditors or the debtor(you). The Individual Voluntary Arrangement once approved will stop legal action and contact from creditors unless the plan fails.

An Individual Voluntary Arrangement can offer benefits such as stopping creditor action, creditor contact, court action, legal action from creditors, freezing interest or charges, stopping debts snowballing, writing off unaffordable debt, consolidating debt into one affordable plan and only having to pay an affordable amount each month to be debt free in five years.

An Individual Voluntary Arrangement can also offer various downsides such as affecting your credit file for up to six years, you can only get up to £500 credit whilst in the solution and may affect your job if part of the terms and conditions you cannot do an Individual Voluntary Arrangement in your employment terms, if you own your home you will not be able to remortgage during the plan also.

It is important you run any concerns or questions by us before making the decision.