Why choose an Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement (IVA) is a type of debt solution that allows you pay all or part of your debts. It’s a formal agreement with your creditors that involves making one, affordable monthly payment to all of your debts, usually for five or six years.

If your IVA successfully completes, all unsecured debts included in your IVA such as credit cards, personal loans, catalogue debts etc are written off and you will no longer be liable to make any further payments towards them.

Here’s how it works:

• We’ll start by going through your budget to look at your income, outgoings and debt level to see how much money you have leftover each month to pay towards your debts.

• If an IVA is the right solution for you, we will agree an affordable monthly payment based on your budget. This information will then be transferred to one of our sister companies – PayPlan Partnership Limited for IVAs, PayPlan Bespoke Solutions for Self-Employed IVAs who will manage the IVA process for you and PayPlan Scotland for Trust Deeds.

• Your offer will be sent to your creditors in the form of a proposal. Once they have reviewed the offer of payment, the creditors will then vote yes or no to accept the proposal.

• If at least three-quarters of the creditors (by debt value) vote agree to the proposal, then it becomes a legally binding contract.

• As part of the contract, you will make your affordable monthly payment – usually for five or six years – and at the end, the debts included in your IVA are written off. 

• Your creditors are also bound by the contract, so as long as you keep to your payment schedule and make all of your payments, the people you owe money to cannot take any further legal action against you and cannot send payment demands.

• An IVA is only available if you live in England, Northern Ireland or Wales. If you live in Scotland, you can apply for a Trust Deed.

Let’s make life more affordable

You’re just two steps away from taking back control of your finances and freeing up more money for you and your family.

No impact on your credit score.

Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!

Sandra Daly

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What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

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What is a Debt Management Plan?

A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.

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What is a Self-employed IVA?

A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

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What is a Debt Relief Order?

A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.

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What is Bankruptcy?

Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.

Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!

Sandra Daly

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