If you have substantial amount of debt, usually over £12,000, then an Individual Voluntary Arrangement (IVA) could be the solution for you. An IVA is a Government-backed solution.

It is a formal agreement between you and your creditors whereby you repay what you can afford, usually over 60 months. After which, the outstanding debt is written off.

• We turn all your debts into one affordable monthly payment.
• Write off all the debt you can't afford
• Interest and charges frozen upon the approval of an IVA
• Protects you from further action by your creditors. They are legally bound by the terms of the agreement
• An IVA helps you avoid bankruptcy and keep your home.
• Become debt free within 60 months

Your suitability for an IVA will be assessed and we will draw up a proposal based on what you can afford each month. Once the proposal is accepted by creditors who collectively own 75% of your debt, then your IVA will go ahead. Agreed monthly payments are made usually over a period of 60 months

Once the IVA has been completed, any outstanding debt must be written of by creditors leaving you completely debt free. Many people we have helped have written off as much as 50 - 60% of their debt. However, debt write off is unique to each individuals circumstances.

At Sky Financial, we're here to help you find a permanent solution to your debt problems and will offer you full support for as long as you need it. When you contact us, we will assess your circumstances and offer you clear advice about all the debt solutions you are eligible for including an IVA.