You could clear your unsecured debts with an IVA.

Last year we wrote off up to 85% of our customers unsecured debts. *

*26% of MoneyPlus Insolvency customers who completed an IVA in 2023 wrote-off more than 85%. On average our IVA customers had a debt write-off of 65% in 2023. May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.

If you enter a solution with MoneyPlus we will charge you fees. If you do not enter a solution managed by us, there will be no fee for the advice that we provide. All fees and risks will be explained in full before you enter into a solution.

To discover more about how to manage your debt and to receive free debt advice, you can visit www.moneyhelper.org.uk

Reviews based on MoneyPlus Advice customers.

Why choose us?

Unlike the vast majority of firms out there, we are fully authorised and regulated to advise you on all the solutions available – so with us you will know you are getting the right advice for your situation. And, if you decide not to proceed with us, there won’t be any charges for our services.

IVA Company is a trading style of MoneyPlus Group (07310059). who are authorised and regulated by the Financial Conduct Authority. IVA Company and MoneyPlus Advice refer customers to MoneyPlus Insolvency Limited for Individual Voluntary Arrangements and Protected Trust Deeds.

Example IVA

Before an IVA David owed:

Overdraft	£2,000
Loans	£9,000
Credit cards	£12,000
HMRC	£2,000
Total debts	£25,000

Total paid into IVA	£8,400
Total fees paid	£4,200
Total paid to creditors	£4,200

£20,800

Total written off (83%)

The amount of debt written off is dependent on your circumstances. Payments are discussed with you at a level you can afford, subject to creditor acceptance. Write-off percentage in this example is calculated based on the amount received by the creditors

Customer monthly repayments before and after taking an IVA.

Before IVA

£750

On an IVA

£140

Check if you qualify

IVA Benefits

Interest & charges

Interest & Charges are frozen meaning debt does not increase.

Assets

Your home, vehicles and other assets are protected.

Contact

Creditors cannot contact you once the IVA is approved.

Debt write off

Once completed, creditors will write off any debts included in the IVA, with some exceptions e.g. student loan debts.

Legal protection

Creditors cannot take or continue any further legal action.

Affordability

Your payments are set at a level you can afford, following a detailed assessment.

IVA Drawbacks

Creditor acceptance

Creditors must receive legal notice to consider your IVA Proposal, we give creditors at least 16 days notice.

Insolvency register

As with a Debt Relief Order or Bankruptcy, an IVA is entered on the Insolvency Register which is accessible to the public.

Property

If you are a homeowner, then you may be asked to release equity from your property to repay creditors. If you cannot do this, then your IVA could be extended by 12 months.

IVA failure

Should your IVA fail you will no longer have the protection from creditors, creditors will be allowed to contact you and resume adding interest and charges.

Credit rating

As with most debt solutions such as Debt Relief Order, Debt Management Plan or Bankruptcy, an IVA will affect your credit rating.

Payments

Your payments are subject to review each year to ensure your IVA remains affordable. If you can afford to pay more, you will be expected to do so.

How do I apply for an IVA?

Step 1

Get in touch

Talk to one of our trained advisors who will take some details to understand your income, expenditure, debts and assets.

Step 2

Explore your options

We’ll review your situation to see which solutions are available and recommend the best option for you, the final decision is up to you.

Step 3

Choose a plan

Once you’ve reviewed your options it’s time to choose a solution. If that’s an IVA we’ll talk you through the process and get your application started.

Check if you qualify

What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement reached between you and your creditors to repay the money you owe to your creditors over a set period of time at an affordable amount.

IVAs are formal and legally binding. Once you enter one, your creditors aren’t permitted to contact you directly. Instead, all contact will be through Insolvency Practitioner (IP).

After making repayments for a set period of time, usually 5 or 6 years, any remaining debt is officially written off, with some exceptions.

Is an IVA right for me?

If you have debts exceeding £6,000 and a stable monthly income, but you‘re struggling to make your monthly repayments, then an IVA could allow you to manage your debts with a more affordable, set monthly amount.