An IVA (Individual Voluntary Arrangement) is a legally binding agreement between you and your creditors.

You agree to pay back as much as you can afford over a fixed period of time. Usually the arrangement runs for five years and you’ll pay an agreed fixed monthly amount.

The benefits
Monthly repayments you can actually afford while tackling your debt problems*
No more chasing letters and phone calls from creditors
All interest and charges stopped if your creditors are in agreement to do so
Adverse effects to your credit rating are likely to remain on file for six years. If you own your own home you may be asked to revalue your home and release its equity.

Could an IVA be right for you?
Are your unsecured debts over £15,000?
Can you afford to pay back at least £250 a month? Or can you raise a lump sum for your creditors?
Do you have a full time job?
Are you keen to avoid going bankrupt?

If your answers are mostly NO, there are other solutions that Accuma Assist could help you with. Back to Debt Solutions

If you answered YES to most of the questions, then an IVA may be the right way for you to sort out your debts.

What you should be aware of...

The IVA only deals with your 'unsecured' creditors, such as credit cards, personal loans, store cards, catalogues and overdrafts. It does not cover mortgages or hire purchase agreements.

Agreeing an IVA with your creditors does mean that you’ll have to live to a strict budget for up to five years. Our debt advisors will work closely with you to work out a budget that you can realistically afford.

The IVA is a legally binding agreement. The effects to your credit rating may remain on file for six years and if you own your own home, you may be asked to revalue it and release its equity.


Bankruptcy is often seen as 'the last resort'. But it may be the right choice for people who cannot pay their debts and have no assets to protect or where an IVA is not the best option.

There are two ways of becoming bankrupt. The first is to wait for one of your creditors to issue a bankruptcy ('Creditors') petition to Court. Alternatively, you can petition for your own bankruptcy (a debtor's petition), which will currently cost you £475*.

In most cases, you'd be bankrupt for up to one year and then your unsecured debts would be written off. If you have any disposable income left once your necessary living costs have been paid for from your net take home pay, you may be expected to make contributions towards your bankruptcy debts. This would be under an Income Payment Agreement for a period of three years.

If you own a property or have any vehicles free of finance or any other assets of value, they may be sold and the proceeds used towards your bankruptcy debts.

The consequences of bankruptcy

Bankruptcy is a serious decision and all other possible solutions to your debt problems should be considered first.

The rules relating to it are complex and if you're thinking of opting for bankruptcy it's worthwhile speaking to your local County Court or reviewing the information at www.insolvency.gov.uk. If you own a property, contact the Bankruptcy Advisory Service.

A bankruptcy order can still be made if you refuse to acknowledge the proceedings or agree to them.

For additional information, please click the following link and email us at....

Re-mortgaging can... * Reduce your monthly mortgage payments or release capital * Avoid selling your home * Stop creditors chasing you if you have debt problems Secured loans can be used for many purposes including resolving present debt problems. * Stop creditors chasing you if you have debt problems * Single monthly payment

A Debt Management Plan is an informal process of negotiating with your creditors for the freezing or reduction of interest, extension of repayment terms or the writing off of part of your debt. * informal arrangement * we negotiate on your behalf * some reduction in debt & interest