Government legislation can help you
May not be suitable in all circumstances. Fees and disadvantages, read here.
To find out more about managing your money and getting free advice, visit Money Helper, independent service set up to help people manage their money.
Why choose Your Debt Expert?
Our 3 step process
What debt are you most concerned about?
Here’s an example of how we can help.
Let's say you owe..
Pay Day Loan
Debt Collection Agency
Short Term Loan
Total amount owed:
After an IVA
Monthly payments are based on individual financial circumstances
Example case completed in 2023. Repayment calculated using income and expenditure data. Monthly payments and write off percentages are based on individual circumstances.
Frequently Asked Questions
An IVA is a form of insolvency that allows you to write off debt and is an alternative to bankruptcy. It is available to eligible customers in England, Wales and Northern Ireland.
Your Debt Expert is a trading style of Carrington Dean Group Limited. The initial fact-finding and advice call is free. That call will explore all possible debt solutions applicable to the customer, whether these can be provided by Carrington Dean Group Limited, Creditfix (which is part of the same group) or by a third party
If you live in England, Wales or Northern Ireland, an IVA may be a suitable debt solution. An IVA will be provided by Creditfix and fees will apply.
If you live in Scotland, a Trust Deed or the Debt Arrangement Scheme may be a suitable debt solution. Trust Deeds and DAS will be provided by Carrington Dean Group Limited and fees will apply.
Yes, an IVA will have an adverse effect on your credit rating. It will also show on your credit report for six years after it has been approved.
In most cases entering an IVA won’t affect employment. However, in certain professions, such as accountants and solicitors, having an IVA may mean that you can no longer practice or you may only be able to practice under certain conditions.
Once you enter an IVA, creditors can take no further action against you and can’t contact you directly.
An IVA can be a positive way to manage unaffordable debt and allow you to better manage your monthly finances.
In an IVA a single monthly payment is agreed with your current financial situation taken into consideration – this payment is then divided between the people you owe money to. During the course of your plan all interest and fees associated with your debts are frozen.
At the end of the IVA the remaining debts included in the arrangement are written off.
It’s important to be aware of the advantages of an IVA when considering the best debt solution for your circumstances, such as:
- All creditors are bound by your IVA once approved.
- Creditors can’t take legal action against you in an IVA.
- Interest and charges on your debts are frozen by law.
- All IVA payments are based on what you can afford.
- Your IP will distribute payment to creditors on your behalf.
- You may get a payment break if your situation changes.
- You won’t have to sell your home in an IVA.
When you’re considering entering an IVA, it’s important to be aware of the following:
- If you are a homeowner and your property has equity in it, you’ll need to try to re-mortgage which could result in an increased interest rate or a 12 month extension to your arrangement if you can’t remortgage.
- Your credit rating will be affected adversely.
- Only the unsecured debts included in your IVA will be written off at the end of the agreement.
- Your IVA will be recorded on a public register.
- If your IVA fails you could be at risk of bankruptcy.
- Your financial freedom might be restricted.
- Your creditors need to agree to the IVA.
We offer free debt advice tailored to your circumstances. We’ll find out more about your current financial situation and your lifestyle to advise on the best solution for you.
All of our initial advice is free; however, fees will apply should you decide to enter into an arrangement.
We operate a transparent fixed fee model, which incorporates the Nominee Fee, Supervisory Fee and all costs and expenses associated with the arrangement.
Fees will be taken from your monthly payment or asset realisations paid into your arrangement.
These will be discussed by an expert advisor to make sure you are fully aware of the costs involved.
The Insolvency Act 1986 governs personal and corporate insolvency in the UK. The act covers issues related to bankruptcy, Individual Voluntary Arrangements and all administrative orders.