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An IVA could write off up to 90% of your debt

Government backed IVA debt solution
Completely debt free in 60 months
You can keep your home and other assets
We'll negotiate for reduced interest rates
Stop creditors from harassing you
Pay as little as £70pm every month!

Find out if you qualify

Immediate Financial are regulated and offer impartial debt advice to UK residents

Get out of debt with an IVA today

How can an IVA help me?

An Individual Voluntary Arrangement is a form of insolvency that allows you to pay off a manageable chunk of your debt over a set term, with the rest being written off.

It’s all quite simple. All you need to do is work out a repayment plan with your creditors, with the help of an insolvency practitioner (IP). You’ll pay a set amount each month to your IP, who’ll then distribute it among your creditors. An IVA will usually last for five years.

Once the agreement is set up, the terms are legally binding, so you’ll be free from harassment throughout.

Once the term is up, whatever is left of your debt is written off, and you’re free to start afresh, debt-free.

Who can apply for an IVA?

The exact requirements can vary, but as a general rule, you’ll need to fulfil the following criteria in order to apply:

You must owe at least £5,000 of debt
You must owe money to at least two separate creditors
You must be either employed or self-employed
You must have around £70 worth of disposable income available each month

If these apply to you, or if you’re uncertain about whether they do, get in touch for a free consultation and we’ll get you on your way to becoming totally debt free.

1 house repossessed every hour within the UK*

222 People are declared insolvent or bankrupt every day!

£28,556, the average amount owed by a UK adult!

Expert advice from Immediate Financial

What is an IVA agreement?

If you are someone who has multiple debts of a high value then an Individual Voluntary Arrangement might be well suited for you. An Individual Voluntary Arrangement is a debt solution that is designed to aid you with the repayment of your unsecured debts, such as your payday loans and credit card debts. If you take out an Individual Voluntary Arrangement, then you will form an agreement with your creditor to repay a manageable portion of the balance of your debt over an extended period of time (typically around 5-6 years). At the end of the agreement, provided you have adhered to the terms of the arrangement, even if you have not repaid your debts in full, your debts will be written off. If you are someone experiencing financial difficulties and want to avoid declaring bankruptcy, then contact us today on 0800 230 0379, for expert advice about what an Individual Voluntary Arrangement can do for you.

You don't have to deal with nasty creditors any more, and all the hard work is done for you. More on how it works here.

Find out if you qualify

Become another debt free client

Their staff work very hard to ease the burden of debt. They keep us regularly informed of any developments. They are easily contactable. They are courteous and polite over the phone. Both they and the proceedures they follow with our accounts are easy to comprehend. Very helpful in a time of crisis.
Client Via Feefo
I would recommend Immediate Financial to anyone who is stuggling with debt. They have been extremely helpful from start to finish and with their help, i have managed to be debt free in just over 2 years.
Client Via Feefo
Thank you to I.F you took the stress out of being in debt and now 2 and 1/2 years am totally debt free. Excellent service :-D
Client Via Feefo
They handle my affairs admirably, i have had no contact from my creditors since Immediate financial sorted my repayments. When i do contact them, they are always helpful and polite. I would certainly recommend them to anyone who has financial problems
Client Via Feefo
Excellent service. Dealt with my issues professionally and with compassion. Cannot reccomend their service highly enough! Thank you!
Client Via Feefo
everyone has been very helpful and helped my life nearly debt free but most of all easier and not such a great worry. They were happy to help with any questions i had.
Client Via Feefo

The pro's & cons of IVA as a solution

Our advisors are impartial and will make sure you find the right solution

It's very simple. All you do is make one affordable monthly payment to a qualified legal professional, who in turn distributes the payments according to the amounts previously agreed by your creditors in an IVA proposal. You do this every month, for 60 months, and at the end of the term any debt balances you still owe are written off.

You don't have to deal with nasty creditors any more, and all the hard work is done for you. More on how it works here.

The benefits of an IVA

Free from debt in 5 years. IVAs are set up to last for a set period of time – usually around 5 to 6 years, after which your debt will be wiped clear.
Single monthly payments. At the start of your arrangement, you will agree with all of your creditors how much you are able to afford to repay each month. You will then begin making one regular payment each month towards this. In some cases you will be able to make a one-off lump sum payment.
Interest and charges are frozen once the IVA is approved. Once the IVA is set up, you creditors will not be able to add additional charges or increase the interest on your debt which is covered by the agreement.
After approval, creditors will no longer be able to take legal action against you and they will lose the power to petition for your bankruptcy
Telephone calls from your creditors will cease and they will no longer be able to contact you by letter to demand payment from you.
The Insolvency Practitioner will take responsibility for your debt repayment. You will delegate responsibility of your financial situation to an Insolvency Practitioner who will be better equipped to produce results and ensure your arrangement is approved.
You will be able to keep your home. You will not be asked to sell your property as part of the IVA. You may need to re-mortgage your home to help pay your creditors, but this will only happen after the fourth year of your IVA.
You will retain ownership of your vehicle as long as it worth less than £5000.
You will not be required to make any further payments to cover the rate of your insolvency practitioner (these can be taken from your monthly payments).
Begin repairing your credit rating. After you have finalised your arrangement, the opportunity will be there to borrow additional funds and begin to improve your credit rating. You need not worry about being credit blacklisted indefinitely.
Fixed agreement. Once your creditors agree, they will be legally bound by the agreement and will have to adhere to it. This means that you will never have to pay more than you have agreed with them, and they cannot demand more of you.
You will have legal protection. Your creditors cannot take you court or take action against you in order to make you pay off your debt faster. This is as long as you act in accordance with the agreement.
Your job/occupation will not be affected. Whatever you do for a living, your job will not be adversely affected by taking out an IVA. An IVA is a confidential agreement between you and the creditors to whom you owe your debt. Although you will be on the Insolvency Register, you do not need to inform your employers that you are on an IVA.

IVA facts to bear in mind

An IVA can take longer than bankruptcy. Although there are numerous advantages to an IVA, bankruptcy will often be a quicker process, taking only one year, unless you happen to have a payment order, which can last up to three years.
It will affect your credit rating. Although you will be able to repair your credit rating after your IVA is finalised, and your credit rating will not be damaged as badly is as it would if you were made bankrupt, you will be unable to borrow money during the course of your IVA.
You must be disciplined and stick to a regimented payment plan. This can be a positive or a negative. If you fail to adhere to the terms of the agreement made, and continue with your contractual payments, your IVA may fail. The result of this might be that you have to cover the original, full balance of your debt, or possibly facing bankruptcy. However it is possible in some cases to take payment holidays.
Court costs, fines and student loans can’t be included. There are certain types of debt, namely priority and secured debt which cannot be covered by the IVA.
If you own a property with equity in it, then you will likely be asked to try to remortgage in the final year of the IVA. Such a remortgage is subject to fair criteria, for example this can only be up to a maximum loan to value of 85%, and the repayments to the remortgage can only be up to 50% of the monthly repayments you make. Your monthly repayments will be reduced in-line with this.
You must continue paying your rent and your mortgage and all other secured debt payments, or they might be repossessed.
Your home equity may be at risk. After the fourth year of your agreement you may be required to take out a mortgage on your property in order to help pay off your IVA.
You will be unable to make any unsecured borrowings. Your credit cards will be destroyed. You can potentially however, take out a new mortgage or change your mortgage provider. You can also use prepaid cards.
You need £5,000 or more of unsecured debt. If you have less than £5,000 worth of debt then you will not be eligible for an IVA. You will also be required to pay a minimum payment of £80 per month in order to be eligible.
You must include all of your creditors. You cannot leave your any of your creditors from the IVA agreement, and you will be unable to make separate arrangements which each creditor – they must all be part of the same agreement. This reduces for your flexibility with repayments.
You may have to repay more of your debt than you would with, for example, bankruptcy. With an IVA you may end up paying back between 20% and 50% of your overall debt, whereas with bankruptcy, you may pay less than this or even nothing.

* Last checked 2015 - Source - https://www.cml.org.uk/news/press-releases/repossessions-and-arrears-still-falling-reports-cml/

We can solve any debt problem

Debt can be stifling, there’s no arguing with that. But we can help.

Whatever you debt problems, however deep in the red you find yourself, we can help you find a way out, but you’ve got to act fast to stop it growing out of control.

Whether you’re after an IVA, a Debt Management Plan, or simply some advice tailored to your specific situation, get in touch and let us see what we can do for you.

Find out if you qualify

Immediate Financial

Huxley House
Weyside Park
Catteshall Lane
Godalming
England
GU7 1XE

Phone: 0800 230 0379

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Our promise to you

In all cases, we shall seek to negotiate the best deal with your creditors for you. We are however unable to guarantee that all creditors will agree to reduce or freeze interest and charges. You should be aware that by entering in to a debt solution with us, fees will be charged and your credit rating is likely to be adversely affected.

Fees

The plan operates on a no-win, no-fee basis. Our fee is worked out as 25% of your total debt. We are entitled to this fee if we have negotiated reductions of 25% or more with your creditors when we settle debts. We will never charge you more than 25% of your total debt and only if we have saved you this amount or more. We are entitled to draw these fees at any point on the plan so long as savings have been made. For further details read our Terms & Conditions.

Debt Solutions

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Registered in England. Immediate Financial is a Trading Name of House & Home Care Ltd. Registered Office: Immediate Financial, Huxley House, Weyside Park, Catteshall Lane, Godalming, GU7 1XE. Company Registration Number 5829935. House and Home Care Limited holds an interim debt management permission No.590778 from the Financial Conduct Authority. Data Protection Licence Number Z9593970.