- Get one affordable monthly payment
- Stop all creditors contacting you
- Consolidate all unsecured debt
- Write off remaining debts included in your IVA after successful completion
What is an IVA?
An IVA is a formal debt solution for people with unsecured debts they are struggling to maintain, that want or need to avoid being declared bankrupt by their creditors.
During the IVA you make one affordable monthly payment typically for 60 months. At the end of the term any debt you still owe are written off.
An IVA is a legally binding agreement so once entered, your creditors can’t back out or change the terms after they agree to them.
Please note entering into an IVA will affect your credit rating for 72 months
Some of the things the lenders will have to abide by are the following:
Pros & Cons of IVA
How does an IVA work?
Get started today
Complete our online form to tell us about your circumstances. Our insolvency practice will review whether an IVA may be suitable.
A confidential conversation
At an agreed time, a member of our team will contact you for a confidential discussion. Fees apply to an IVA and will be explained before you decide whether to proceed.
Your Choice
If an IVA is suitable and you choose to proceed, our insolvency practice can help you with the proposal. Only debts included in the IVA may be written off on successful completion.
Not sure where to begin?
No worries, we’ll help you make sense of it all.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affectedBe part of the success
(Here are some hypothetical examples of how an IVA could work)
£107/M
Jenny W
£9000 in Debt
Old payment pm
£147/M
John H
£16000 in Debt
Old payment pm
£123/M
Jenny Wilson
£13000 in Debt
Old payment pm
May not be suitable in all circumstances. Fees may apply, Entering into an IVA will affect your credit rating, Any potential disadvantages of entering into an IVA will be explained on application. A debt write off amount of between 25% and 75% is realistic, however, the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors
Customers can get free debt counselling, debt adjusting and providing of credit information services from the MoneyHelper – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from MoneyHelper click here www.moneyhelper.org.uk You can find Government guidance on dealing with your creditors here.
Talk to Numo
Our team is based in Manchester and is made up of real people
IVA?
A solution for people with debts over £5,000. An IVA could help you write-off up to 81%* of your outstanding debts and pay one affordable monthly payment.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affectedDebt management
A Debt Management Plan or DMP, is an informal agreement to pay back non-priority debts, reducing your monthly payments to a single affordable amount each month.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affectedBankruptcy
Bankruptcy is a formal debt solution for people with debts they cannot repay. It’s often viewed as a last resort but can be a great solution for people without the means to repay debts.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affectedDebt Relief Order
A Debt Relief Order (DRO) is an agreement designed to help people who can’t afford to repay their debts, have a debt level of £50,000 or less and don’t own their home.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affected