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What exactly is an IVA?
What is an IVA? – An IVA or Individual Voluntary Arrangement is a formal agreement made between the person in debt and their creditors. The agreement allows the person in debt to make regular monthly payments towards clearing their debt over a fixed amount of time.
All further interest and charges on the outstanding debt are stopped. At the end of the arrangement, any unpaid debt is written off.
What are the benefits?
Telephone calls and payment demands stopped
Interest and late payment charges frozen
Single, affordable monthly payment
Protection from court action, creditors and bailiffs
Completely confidential – we respect your privacy!
* You may be required to pay a contribution towards your debts. This contribution is assessed based on your income and expenditure and can last for 60 months. Repaying debt over longer period may increase the total amount to be repaid
* There may be a charge should you choose to proceed with an IVA, the initial advice is free and there is no obligation to proceed with any service offered to you.
All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before considering any type of debt help program.
Cost and length of cover will depend upon your personal circumstances.
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
SoSmart Money is a trading style of SoSmart Financial Services limited, a company registered in England and Wales, company registered number 10175270 and registered office address Poplar House, Park West, Sealand Road, Chester, Cheshire, CH1 4RN. Telephone number: 01244 456 570. SoSmart Financial Services Limited is authorised and regulated by The Financial Conduct Authority, registered number 760199.