Find your debt solution


By continuing you agree to the terms of our privacy policy

We understand the situation you're in, it's a worrying time, that seems to be filled with endless letters and phone calls. Well here's where you take back control. If you are struggling with unsecured debts of more than £9000 and you have at least £100 a month to go towards paying them, an IVA could be the right solution for you. An IVA is a binding agreement between you and your creditors. You make one affordable monthly payment for a fixed period of time. At the end of that time, usually after five years, any unaffordable debt is written-off.

How does an IVA work?

One of our specialist advisers will review your financial situation with you to understand if an IVA is the best option. If it is we can help you put together your offer to creditors and explain what supporting information will be needed (typically bank statements and proof of your household income and outgoings). If your creditors accept your offer (also called a "proposal") then you will pay the agreed monthly amount for a fixed period of time, typically five or six years. After this time any remaining debt will be written-off. If an IVA is the best solution for you, we can help you set one up in as little as 16 days.

Protected Trust Deeds

ClearStart does not provide Protected Trust Deeds in house. Instead we will refer you to trusted partners who are the leading provider of Protected Trust Deeds in Scotland.

Advantages of an IVA

One affordable monthly payment

Legally freeze interest and charges

You will keep your home if you stick to the plan

We deal with your creditors

Debts could be settled in 5 or 6 years

Unaffordable debt will be written-off

Things to consider

When considering a debt solution it is important to fully consider all of your options.

• An IVA is a matter of public record - details of your IVA are listed on the Insolvency Service website, which the public can access.

• An IVA may impact your employment; we always recommend checking your employment contract. Until you have successfully completed your IVA, you will not be permitted to hold certain public offices. You will also not be able to continue as the director of a limited company.

• If you fail to maintain your IVA repayments or obligations, your IVA could fail and your creditors may decide to order bankruptcy proceedings.

• You will have limited access to credit until your IVA has completed, which could mean that you pay higher rates of interest until your credit rating is restored.

• An IVA will negatively affect your credit rating/score.

• If you are a homeowner, you will be expected to try to remortgage towards the end of your IVA and if affordable, release additional funds to be paid into the IVA. This remortgage may attract higher interest rates than your previous mortgage rate. If a remortgage isn’t possible, the term of your IVA may be extended by one year, during which you may be required to make additional payments.

How much does it cost?

We don't charge fees until you enter a solution.

The simplest answer is that your IVA payments will be affordable and less than you're currently being asked to pay. The actual monthly amount will be agreed following a review of your household income and expenditure. The key principle is that in addition to being affordable to you it must be a fair offer to your creditors. An IVA is not a way of paying as little as possible back towards your debts - so be wary of companies promising payments that seem too good to be true. It's important to remember that your creditors needs to agree to your offer for an IVA to be approved. At ClearStart we will explain the parameters generally accepted by creditors for costs such as food, shopping and socialising costs. That way the budget drawn up will be acceptable to creditors. In return for a fair offer your creditors will agree to write off any debt remaining at the end of the IVA.

Common Questions

Who might benefit from entering into an IVA?

As a form of insolvency an IVA may be suitable for those who cannot afford their monthly repayments to creditors.

Will my debt be written off?

As part of an IVA proposal, some of your debt may be written off. For example if you have a debt level of £60,000 and can only afford £400 per month over the five year term, then you will be paying a total of £24,000. You will not have to pay the remaining £36,000, that will be written off.

How long does an IVA last?

An IVA typically lasts around 5 years, however as everyone’s circumstances are different, in certain situations an IVA could run for 6 years or longer; or could be completed sooner should, for example, a final lump sum be paid.

IVA fees

IVA fees

Regardless of who you choose to implement an IVA, fees will be charged for the work done in setting it up and managing it throughout it's duration. Fees are also payable in Bankruptcy and a Debt Relief Order. What is important to note is that in an IVA, all fees are agreed by your creditors in accordance with an industry wide structure. With ClearStart these fees, taken in two parts (a Nominee fee and a Supervisors fee), are taken as part of the contributions you make into your IVA. That means there are no additional costs to meet. Some companies will charge up-front fees for the advice or assistance they give before an IVA is set up (typically £200-£300). At ClearStart you will never be asked to pay money upfront. With us, if for whatever reason your IVA is not approved by creditors, there will be no fees to pay and you will not have lost any money. You should be clear on the fees payable before entering any debt solution.

Pay your IVA online

Pay your IVA online

You can pay your IVA online. You'll need your IVA reference number, which you can find on your documentation. Make a payment online here.

Apply for an IVA

Speak to one of our Debt Specialists today.