Open Until 9pm

0161 519 5510

What is an iva?

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay back what you can afford. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors.
An IVA will give you more control of your assets than bankruptcy.

How does an iva work?

We will review your financial situation with you to help work out what is affordable. If an IVA is suitable, we can refer you to one of our preferred Insolvency practitioners. The practitioner will put forward a formal proposal with you, if the creditors accept this you are legally protected and creditors can no longer add interest and charges.

Provided you maintain payments, all unpaid debt is written off at the end of the IVA, IVA's normally last for 60 months.

  •  One affordable monthly payment made over a fixed period.

     Unaffordable debt written off.

     Legal Protection – once your iva is approved, creditors can not take further action to recover the debt.

     All interest and charges are frozen

     The fees charged are taken from the affordable monthly payment you make over the agreed term of the IVA.

  • (a) if the arrangement or deed fails, there is a potential risk of bankruptcy;

    (b) homeowners may need to release equity from the value of their homes to pay off debts, and that a remortgage may attract higher interest rates or, if no remortgage is available, an individual voluntary arrangement may be extended for 12 months;

    (c) there are restrictions on the expenditure of a person who enters into an individual voluntary arrangement or a protected trust deed;

    (d) the customer's lenders or owners may not approve the individual voluntary arrangement or the protected trust deed;

    (e) only unsecured debts included within the individual voluntary arrangement or protected trust deed may be discharged at the end of the period and unsecured debts not included remain outstanding

    (f) Negative effect on credit rating and ability to source credit, restrictions on obtaining credit?

  • The Money Advice Service is an important service set up by the Government. They provide free debt counseling, debt adjustment and credit information.

    Click here for more information

    What we can help with

    Loans & Overdrafts

    Catalogue and Store Cards

    Benefit Overpayments

    HMRC Debt

    Court Judgements

    Rent, Gas and Electricity arrears

    Credit Cards

    Council Tax Arrears

    0161 519 5510

    New Leaf Debt Advice Limited Registered Office Onward Chambers, Centenary House, 1 Centenary Way, Greater Manchester, M50 1RF, United Kingdom. Registered in England and Wales Registration number 12203002.Data Protection Registration Number ZA549249

    Trading address- 50 Barton Rd, The Granary, Worsley, Manchester M28 2EB

    Laura Stewart is authorised to act as an Insolvency Practitioner in the UK by The Insolvency Practitioners Association (IP Number 23590) Learn more:

    Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.

    New Leaf Debt Advice provides insolvency solutions to individuals, specialising in IVA. Advice and information on alternative options will be provided following an initial fact find where the individual(s) concerned meets the criteria for an IVA and wishes to pursue it further. All advice given on any alternative options is therefore provided in reasonable contemplation of an insolvency appointment.

    The Money Advice Service is a free service set up by the Government to help people make the most of their money. If you would like to learn more visit