How To Clear Your Debts


Discover the clever way to only pay £2k of £8k debt – writing off £6k

If you are struggling to pay the bills from month to month and are forced to make tough decisions every day about whether to buy food or pay for the gas for example, there could be a shimmer of light and hope just around the corner.

Individual Voluntary Agreements (IVAs) in England and Wales, and Protected Trust Deeds (PTDs) in Scotland, are helping thousands of Brits to climb back out of debt. IVAs can help people whose debts total more than £4,000 to agree with their creditors to pay off the debt at lower repayments over a set period, usually five years. They are increasingly being used an an alternative to bankruptcy.

IVAs are not for everybody but each month over 5,000 people agree to an IVA, with some people writing off up to 85% of their debt. Imagine the relief of knowing that for every £100 you owe, you may pay back as little as £15, with the rest completely written off.

Public awareness of IVAs and PTDs is not particularly high, but growing numbers of Brits are taking advantage of them. Government figures recently published by the Insolvency Service reveal that in the three months ending September 2016 there were nearly 14,000 individuals in England and Wales taking up an IVA – a rise of over 3,000 on the same period last year. This is the highest level since Q2 2014. In Scotland, where Protected Trust Deeds fulfil much the same role as IVAs, there were nearly just over 1,300 PTDs – an increase of 3.3% compared to the same period last year.


The number of people agreeing IVAs is increasing

There is clearly an upward trend, with the number of IVAs consistently increasing since the end of 2015. This trend is expected to increase, especially when interest rates rise and unemployment figures start to rise, causing more people to struggle paying the bills.

Do You Qualify For An IVA?

If you can answer YES to all four questions below then you may be eligible for an IVA which could help you write off as much as 85% of your debt.

* Is your debt over £4,000?

* Do you have a regular monthly income over £1,000?

* Are you a UK resident?

* Are you aged over 18?

An IVA could:

  • Immediately stop debt collectors harassing you
  • Reduce or stop interest charges
  • Renegotiate repayment terms to save you money
  • Group your debts in to one single affordable easy payment
  • Get up to 85% of your debt written off

Reduce stress and give you peace of mind


What type of debts?

IVAs can be used to repay your unsecured debts. Unsecured debts include money borrowed through credit cards, pay day loans, store cards, student loans, medical bills, catalogue accounts and unpaid utility bills for example. Credit cards are usually the most common and largest part of money owed. They can not be used against secured debts which are secured against a specific property such as your home.


See how much debt you could write off

Use the table below to work out how you might roughly be able to write off. It’s quick and easy to do and the when you know how much you could save fill in the form below to find a specialist debt management agency near.


You can find your debt management agency here. They will ask you a few more questions about your debt and circumstances and advise if an IVA is right for you. By holding your hand and taking the burden off your shoulders you could soon be relaxing in the knowledge that you are getting back on track, paying lower monthly repayments and successfully clearing your debts.

It’s as simple as A,B,C

  1. Fill out the form below.
  2. Find out if an IVA is available for you.
  3. Discover how much debt you could write off and much lower your monthly repayments could be.