What debts can be cleared with an IVA?

If you are buried in debt and struggling to keep up with your repayments, an IVA could be an option to write off a substantial portion of your debt.

Some debts can be written off with an IVA and some debts cannot be touched. Here is a guide to what debts can and can't be included in an IVA.

Most of your debts will be included, typically:

  • Catalogues
  • Personal loans
  • Council tax arrears
  • Overdrafts
  • Credit cards
  • Gas and electric arrears
  • Water bill arrears
  • Payday loans
  • Store cards
  • CCJs
  • Income tax and NI arrears
  • Tax credit or benefit overpayments
  • Debts to family and friends
  • Any other outstanding bills (solicitor’s costs, invoices services etc)

Debts that usually aren’t included in an IVA:  

  • Mortgages and secured loans
  • Hire purchase agreements
  • Court fines
  • TV Licence arrears
  • Student loans
  • Social fund loans
  • Child support arrears
The debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors. The example provided of 80% has been achieved by 10% of our customers in the last 12 months

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Why choose Bennett Jones?

Bennett Jones has helped thousands of people solve their debt problems. We understand how stressful and difficult life is when you can’t pay your debts and your bills.

You can trust Bennett Jones to help you if you are struggling to pay your debts. We specialise in Individual Voluntary Arrangements – a legal solution that allows for unaffordable debts to be written off. With an IVA from our team, you will make affordable repayments to your creditors over a fixed period, with the remaining debt written off at the end.

An Individual Voluntary Arrangement (IVA) is not suitable for everyone who needs help with their debts. If an IVA is not right for you we will give you free no obligation help so you can decide on the solution you need.