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Applying for an IVA Manchester

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Struggling with Debt in Manchester? An IVA Could Help

If you’re facing unmanageable debt in Manchester, an Individual Voluntary Arrangement (IVA) could provide the relief you need. An IVA is a formal agreement between you and your creditors that allows you to consolidate your debts into affordable monthly payments. At My Debt Plan, we specialise in setting up IVAs that help people regain financial stability while protecting them from bailiff action and creditor pressure.

What is an IVA?

An IVA (Individual Voluntary Arrangement) is a government-backed debt solution that enables you to pay off unsecured debts in manageable instalments over a fixed period, typically five to six years. Once the IVA is completed, any remaining debt is written off.

An IVA can help if you owe money to:

  • Credit cards

  • Personal loans

  • Payday loans

  • Store cards

  • Council tax arrears

  • Overdrafts

Benefits of an IVA in Manchester

Choosing an IVA comes with several advantages:

  • Affordable Monthly Payments – Your repayments are based on what you can realistically afford.

  • Debt Write-Off – At the end of your IVA term, any remaining unsecured debt is legally written off.

  • Legal Protection – Creditors cannot chase you for payments or take legal action against you.

  • Stop Bailiffs and Interest Charges – Once an IVA is in place, interest and additional charges are frozen.

  • Keep Your Home and Assets – Unlike bankruptcy, an IVA allows you to keep your home and essential belongings.

Who Qualifies for an IVA in Manchester?

To be eligible for an IVA, you typically need:

  • Unsecured debts of £6,000 or more

  • Two or more creditors

  • A stable income to make regular payments

If you’re unsure whether an IVA is the right debt solution for you, our team at My Debt Plan can assess your situation and guide you through your options.

How to Apply for an IVA in Manchester

Applying for an IVA with My Debt Plan is simple and stress-free:

  1. Free Consultation – Contact us for a free, no-obligation debt assessment.

  2. Personalised IVA Proposal – We work with you to create an affordable repayment plan.

  3. Creditor Approval – Your proposal is submitted to creditors for approval.

  4. IVA in Place – Once approved, your IVA is legally binding, and you start making affordable monthly payments.

Start Your Journey to Debt Freedom Today

At My Debt Plan, we are dedicated to helping individuals in Manchester regain financial control with expert debt advice and tailored IVA solutions.

Take the first step today. Contact us for a free consultation and see if an IVA in Manchester is right for you.

Call us now on 0161 660 0411 or use our contact form. 

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My Debt Plan

Timing

  • Monday to Thursday: 08:00 - 20:00
  • Friday: 09:00 - 16:00
  • Saturday to Sunday: Closed

Address

2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY

Phone

0161 660 0411

Credit Score

Credit Score Pop Up Wording : 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.