Criteria to do an IVA
- Debts ideally over £6,000
- You can't afford your debt repayments
- You owe money to 2 or more creditors
- You have surplus income each month
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Individual Voluntary Arrangements
An IVA is a legally binding agreement between you and your creditors.
IVA advantages
- One affordable monthly payment
- No upfront fees — costs come from your monthly payment
- Protection from your unsecured creditors
- Creditors deal with us, not you
- Interest frozen once your IVA is approved
- For tenants, homeowners, couples and business owners
Things to consider
- Homeowners may need to pay in for 6 years
- 75% of creditors (by value) must agree
- It can fail if your circumstances change
- Your details go on a public register
- Affects your credit file for at least 6 years
How does an IVA work?
A legally binding agreement with your creditors
Set up and run by an Insolvency Practitioner
Affordable monthly payments, normally over 60 months
Once completed, remaining unsecured debt doesn't have to be repaid
- Ideal level of debt for an IVA
- £6,000+
- Creditors you must owe money to
- 2+
- Months — the normal repayment period
- 60
- Of creditors (by value) must agree
- 75%
Our Vision
Our mission is to provide a helping hand to those in financial distress, offering them practical and ethical solutions to regain control of their financial lives. We believe in treating every client with respect and dignity, ensuring fairness and equity for all in everything we do. With an international presence and a team of experienced professionals, we are committed to delivering exceptional services. We aim to exceed expectations, making a positive impact on the lives of overburdened individuals. At Anchorage Chambers, we guide our clients toward brighter financial futures, helping them navigate the stormy seas of debt with integrity and expertise.
To find out more about how to manage your debt and to receive free impartial advice you can visit www.moneyhelper.org.uk (opens in a new tab)
IVA Frequently Asked Questions
All IVA FAQsAn Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors. An IVA can give you more control of your assets than bankruptcy.
Most unsecured debts other than debts such as court fines and student loans are covered under an IVA. This can include credit cards, store cards, payday loans, overdrafts personal loans and more. Trading debts including debts owed to suppliers and H M Revenue and Customs are also covered under IVAs.
Your payments to the IVA will depend on different factors of which your income will play a major role. Your monthly expenditure and your personal circumstances will also be taken into consideration. We ensure that you pay what is affordable for you and not what your creditors may ask for.
Even if some of your creditors have taken court proceedings against you these debts can still be included in your IVA. Once the IVA is approved all court actions will cease.
Our Training Consultants
NTI
NTI have been proud training partners with the international businesses of Anchorage Chambers in the UK, Asia and South Africa for a number of years.
nti.co.ukCLICKD Solutions
CLICKD Solutions is a compliance-focused consultancy agency that provides high quality training modules and forensic call monitoring services.
clickdsolutions.comNews
Insolvency firm readies for growth with Salford Quays HQ expansion
Anchorage Chambers has applied to add four-storeys to its two-floor head office, with workspace and apartments planned within the extension.
Read More (opens in a new tab)Debt advisor owed over £26m
Approximately 8,000 of the company's individual voluntary arrangement (IVA) clients have now been transferred to Salford-based insolvency management firm Anchorage Chambers.
Read More (opens in a new tab)Administrators secure transfer of IVA clients
The business' existing client book of approximately 8,000 clients has now been successfully transferred to insolvency firm, Anchorage Chambers.
Read More (opens in a new tab)Contact Us
If you are having a difficult time financially our team will be happy to discuss your available options. Fees will apply in some solutions, and your credit rating may be affected.