Customer LoginAn Individual Voluntary Arrangement allows you to make regular affordable payments usually over 5 years, after this the remaining debt will be paid off.
How we could help you?
We're very proud of the changes we are able to make to a customers situation.
Here's Natashas story:
I’ve gone from paying £717 to my lenders each month to only paying £177
It’s such a relief to feel like someone was finally able to help with my finances, at last I can see a light at the end of tunnel.
I’ve gone from paying £717 to my lenders each month to only paying £177
It’s such a relief to feel like someone was finally able to help with my finances, at last I can see a light at the end of tunnel.
Look familiar to you?
Amount of debt
£33,080
Number of lenders
9
Monthly debt repayment
£717
We can help you reduce your payments to
New monthly debt repayment
£177
How we could help you?
We're very proud of the changes we are able to make to a customers situation.
Here's Natashas story:
I’ve gone from paying £717 to my lenders each month to only paying £177
It’s such a relief to feel like someone was finally able to help with my finances, at last I can see a light at the end of tunnel.
I’ve gone from paying £717 to my lenders each month to only paying £177
It’s such a relief to feel like someone was finally able to help with my finances, at last I can see a light at the end of tunnel.
Look familiar to you?
Amount of debt
£33,080
Number of lenders
9
Monthly debt repayment
£717
We can help you reduce your payments to
New monthly debt repayment
£177
These figures are based on the averages across all IVA’s arranged for customers in 2017. We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable. Individual repayments will be based on your circumstances.
Your steps from set up to completion
We'll talk through your circumstances, and take a look at your income and outgoings.
We’ll give you free, impartial advice on a way to start becoming debt free.
If an IVA is your chosen solution, we'll send you a useful starter pack, as well as prepare the necessary paperwork.
Is an IVA right for me?
How it helps
Once approved you'll make regular repayments that you can afford.
You're protected from any further action from your lenders.
The remaining debt included in your IVA is written off upon completion.
Interest and charges are frozen when your IVA is accepted.
Things to consider
Details of your IVA will be added to the Individual Insolvency Register.
Your IVA will show on your credit record for six years from the date it begins and may prevent you from getting credit after it has ended.
If your IVA fails, it could lead to bankruptcy.
To find other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.
To find other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.
Why Financial
Wellness Group?
We'll take the time to really understand you and your financial situation and make sure you have everything you need to make a real change.
Your financial situation is unique , so we'll tailor a solution just for you.
Whether online or over the phone, we'll give you all the advice and help you need.
Our teams are only targeted on getting the right solution for you.
Let's talk today
Answers to common IVA questions
Will I have to cut back on my spending?
If you’re spending is deemed as high for certain outgoings, you’ll be expected to reduce your spending in those areas. However, if there is a legitimate reason for increased spending, we’ll try and help agree a higher allowance.
Will it affect my credit history?
Your IVA will appear on a publicly available Insolvency Register. Your credit rating may also be impacted for up to six years, from the day it starts.
Will my home be at risk?
Your home is protected by the terms of the IVA. However, you may be asked to release equity in your property, if you aren’t able to release equity then you may need to make extra payments for 12 months . Please note, re-mortgaging could result in a higher interest rate.
What will happen if I fail to make payments?
If you fail to stick to the terms of your IVA, you could be made bankrupt.