Debts over £5000?

See if you qualify for an IVA…

Make reduced payments over 5 or 6 years.
Some debts could be written off.

An Individual Voluntary Arrangement (IVA) could be the right solution for anyone with a regular household income who is struggling to keep up repayments on their unsecured debts. Save N Protect helps many people with IVAs and our sympathetic but experienced staff can effectively deal with your problem.

There are many reasons why individuals into serious debt. The IVA procedure enables the individual to put a proposal to his/her creditors for a composition in satisfaction of his/her debts or a scheme of arrangement of his/her affairs. A composition is an agreement under which creditors agree to accept a certain sum of money in settlement of the debts due to them.

Who can apply for an IVA?

  • Private individuals and their spouse or partner can apply for an Individual Voluntary Arrangement
  • Persons in business as sole traders can apply for an IVA and it may be possible to continue the business
  • Directors of limited companies can apply for an IVA
  • Certain professionals (such as solicitors or accountants) who are barred from practising as a bankrupt can enter into an IVA. However, the consent of their professional body is needed

In addition, a proposal for an IVA may be made by a debtor even if he/she is already subject to bankruptcy proceedings.

How Long Does an Individual Voluntary Arrangement Last?


Typically, an IVA lasts for between one to five years, during which time interest on debts is frozen and repayments are made to creditors from the realisation of assets or from contributions made out of earnings.

The agreement requires the approval of at least 75 percent in value of the creditors. Once approved it is legally binding on the individual and all his/her creditors.

How Can An IVA Help Me?

The key benefits of an individual Voluntary Arrangement (IVA) are:

  • Write OFF up to 85% of your debt
  • Debt free in typically 60 months
  • One affordable monthly payment covering all debts
  • Keep your home & car
  • Stop & reduce creditors and collection agency calls
  • Freeze interest & charges on your debts
  • Avoid bankruptcy

If you have debts over £5,000 and are struggling to repay,
get in touch with us today!

Do i Qualify for that!