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Category: Bailiffs

March 04, 2025

IVA Vs Debt Consolidation: Which Option Is Right For You?

Looking to make it easier to manage your debt but not sure which option is right for you? Read on for our quick guide to IVAs vs. debt consolidation
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Breathing Space from debt

Debt and Mental Health

Debt is more than just a financial burden it can have a profound impact on your mental health and overall wellbeing. At My Debt Plan, we understand how overwhelming debt

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UK Inflation Jumps to 3.5% in April: What It Means

The latest figures from the Office for National Statistics reveal that UK inflation surged to 3.5% in April, up from 2.6% in March and surpassing economists’ expectations. This marks the

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The Pros and Cons of Early IVA Settlement

Thinking about settling your IVA early? Explore the pros, cons and risks of early IVA settlement before deciding.
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Supporting a Loved One Struggling with Debt

Worried about someone you care about? Learn how to support a loved one with debt problems and help them find the right solution. Visit the site today.
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Spring Time

Easter Holiday Money Saving Tips

Easter money-saving tips to help you cut costs, manage spending, and enjoy the holidays without adding to your debt. Visit our site for more information.
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Understanding Your Credit Report and Improving Your Score

Learn how to read your credit report, understand what affects your score, and discover practical ways to improve it over time. Visit the site today.
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Credit Rating

An Individual Voluntary Arrangement (IVA) is a formal agreement with creditors to repay a portion of your debts over time, but it does have an impact on your credit score and it will be difficult to obtain further credit whilst on an IVA. Once an IVA is approved, it is recorded on your credit report and will typically remain there for six years from the date it starts.
However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will get a fresh start to begin rebuilding your credit rating.

Fees

IVA costs are charged for the preparation of your proposal and the administration of the arrangement for the full term (usually 5 years) these costs are charged from the monthly contributions you make into the IVA and are not in addition. Costs will only be recovered on approval of your arrangement and once you commence making payments to it. The fees for preparation of the proposal to creditors and calling the meeting for creditors to vote on its approval are called nominees fees, the fees for running the arrangement once approved are called supervisors fees. There are also some expenses incurred in the running of the arrangement such as the registration fee and the statutory insurance that needs to be taken by law, these are called disbursements. For our arrangements, the total of all of these is £3,650 although this may be adjusted by creditors when they vote on whether to accept. No matter what the end total of costs come to, you can be rest assured that these will be taken from the monthly payment we agree with you.