Ad Terms
Creditfix is the UK’s largest personal insolvency provider, and since 2007 has helped over 250,000 across the country solve their debt problems. To qualify for a debt write-off with a Creditfix IVA, you must have a minimum of £7,000 in unsecured debt owed to two or more creditors. While the debt write-off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors, a write-off of between 25% and 75% is realistic.
The write-off example of 81% has been achieved by 10% of our customers in the last 24 months under the supervision of IP Katy Walker, while the average customer write-off in the last 24 months under Katy Walker’s supervision is 53%. Katy Walker is empowered by the Insolvency Practitioners Association to administer IVAs in the UK.
All Insolvency Practitioners are Authorised to Act as Insolvency Practitioners, in the UK, by the Insolvency Practitioners Association. A full list is available on https://www.creditfix.co.uk.
Considerations
An Individual Voluntary Arrangement (IVA) is available to residents living in England, Wales and Northern Ireland. Before entering an IVA, you should always make sure you’re aware of all the debt solutions available to you. Creditfix advisors will provide information about all debt solutions available, not just an IVA, to allow you to make an informed decision on what’s best for you.
If you do opt for an IVA, you should be aware that it will be recorded on a public register known as the Insolvency Register. While this isn’t commonly searched for it is available for public view.
Your application for an IVA proposal will be considered by creditors.
An IVA will also affect your credit rating. It may be rejected based on your actions in the past if they believe your IVA would be likely to fail because of it. If accepted, only unsecured debts included the proposal will be discharged at the end of the term. There is a fee for an IVA, full details of which as well as how payments are distributed can be found here.
An IVA can be a positive way to manage debt and consolidate several debt payments into one affordable amount, there are important factors to consider.
Firstly, spending restrictions are put in place during an IVA and if the IVA fails it could lead to bankruptcy.
While you’ll never be forced to sell your home in an IVA, but you may be asked to release equity into your IVA. Remortgaging your home may increase interest rates and when not an option an IVA may be extended for 12 months. This is dependent on several factors and full details can be found in the Your Home section of our IVA page here.
Reviews
Creditfix now has over 20,000 reviews on Trustpilot – 17,742 reviews are 5 stars. As of April 2023, Creditfix had more 5 star reviews than any other company in the debt relief category. Below is a breakdown of the no. of 5 star reviews each company within the debt relief category has. These figures can be validated on Trustpilot itself.
| Company | No. of 5* Reviews |
| Creditfix | 17,742 |
| Money Advisor (Debt Correct) | 9,925 |
| Trust Deed Scotland | 6,197 |
| Pay Plan | 2,742 |
| Carrington Dean | 2,713 |
| MLS Solvency | 1,679 |
| NDH Financial | 1,554 |
| Bennett Jones | 1,476 |
| Debt Free Advice | 1,301 |
| Scottish Debt Help | 1,239 |
** Last updated: April 2023