To discover more about how to manage your debt and to receive free debt advice visit www.moneyhelper.org.uk
What does an IVA cover?
Buy now, pay later
Overdrafts
Credit cards
Store cards
Payday loans
Bank loans
Buy now, pay later
Overdrafts
Credit cards
Store cards
Payday loans
Bank loans
How it works.
Our 3 step process
At MoneyPlus, we aim to make life as easy as possible. That’s why we take care of as much of the work for you as we possibly can. When you contact MoneyPlus Advice, here’s what will happen next:
STEP 1
Talk to us
Talk to us in complete confidence about your financial situation and the debts you are struggling with.
STEP 2
Find a solution
Based on the information you provide, we will explore all the available options, including an IVA.
STEP 3
Choose your plan
Once you’re ready to choose a solution, we’ll be here to help, whether that’s on a plan with us or not.
Customer Story.
Based on an actual review provided by a MoneyPlus Advice customer. Photo not of actual customer.
“I really cannot speak too highly of MoneyPlus, they literally saved my life.“
I had over £30k worth of debt and didn’t know what to do to clear it. Because of the amount and my fluctuating income, it was a long haul.
Throughout the process the Advisors at MoneyPlus Advice were patient, helpful and empathetic in equal measures, even when I missed a payment. They regularly reviewed my situation and never allowed me to make a payment I couldn’t afford, or without ensuring my priority debts were up to date, and contacted each creditor in the event of a change in my circumstances.
Fortunately, I was able to sell my house due to a break-up with my partner and the equity allowed me to clear the outstanding balance, which had reduce to less that £11k.
Without the team at MoneyPlus I doubt I would have got to the position of solvency in which I now find myself.
Why Choose MoneyPlus Advice?
25+ years
We’ve been providing UK debt advice for over 25 years
21,820
People provided with debt advice in 2024
DMP customers Jan 2024 – Dec 2024
£19,203
Average total debt of new DMP customers in 2024
DMP customers Jan 2024 -Dec 2024
David’s IVA.
This example is based on a typical customer, with £28,000 of unsecured debts who completes a five year IVA and has no equity in any property.
All debts included in the IVA
Bank Loans
Credit Cards
Payday Loan
Overdraft
Total
£20,000
£4,500
£1,000
£2,500
£28,000
Monthly Debt Repayments
£495
Previous payment
£130
New repayment
Total payments over 6 years £7,800
Total debt written off £20,200
Reduced by 72%*
*On average our customers who completed their IVA in 2024 saw 72% of their debt included in the IVA written off. Total repaid in this example is based on the amount received by the creditors and does not include fees.
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your creditors that sees you repay your debts over a set time period, usually 5 or 6 years.
An IVA is available to people in England, Wales and Northern Ireland.
An IVA is approved by the court and, as such, your creditors must stick to it. An IVA typically lasts for around five or six years. Once it ends, any remaining debt is written off.
While you are in an IVA, your creditors must stop chasing you for repayment and they are not permitted to charge interest on your debts. Any contact between you and your creditors goes through an Insolvency Practitioner (IP) or your debt management company.
During the IVA, you’re required to make agreed payments. This might be a monthly sum or a single lump sum.
Will an IVA stop bailiffs?
If you have any outstanding court actions including the use of a bailiff, they will be stopped once an IVA has been put in place. This means that bailiffs will no longer be able to attempt collections to repay any debts included in an IVA.
Support and guidance
We offer debt advice and support to everyone who gets in touch.
Potentially stop creditor contact
Although not guaranteed, some solutions will stop all contact from creditors.
Reduce interest and charges
We’ll always aim to freeze interest and charges, and we succeed over 95% of the time.