Insolvency Services


Personal debt FAQs

Umbrella provides Individual Voluntary Arrangements (IVA) for those struggling with debt allowing you to take control and move forward.

Q. Will my IVA be approved?
A. An IVA has to be agreed by over 75% (by value) of your creditors who vote on your proposal. We follow the IVA protocol so there is a high certainty that any proposal put forward by us will be accepted by your creditors. Following the acceptance of the IVA we will manage all contact with your creditors.

Q. What are your fees?
A. As an IVA can only be prepared for you by a Qualified Licensed Insolvency Practitioner, there are inevitable professional fees for arranging and administrating this. At Umbrella there is no fee charged unless your IVA is accepted by your creditors. Any fees and IVA costs are deducted from your agreed payments and are not in addition to the amount you can afford to pay. i.e. if it is agreed that you will pay £200 per month for 60 months this is all you will pay, subject to a change in your circumstances.

The fees for an IVA are made up of a Nominee’s Fee which covers the fee for putting together the contract and presenting it to your creditors. This is usually a sum equivalent to your 1st 5 monthly payments subject to a minimum fee of £1,000.

In addition there is also a Supervisor’s Fee, which covers the ongoing management of your IVA and liaising with your creditors, and is calculated at 15% of subsequent payments after the Nominee’s fee has been paid. Certain costs, such as insurance and postage, are also recharged to your IVA and are approximately £700 per case. All of these charges are disclosed to you and your creditors before you enter into an IVA.

We would only advise you to proceed if it is in our professional opinion the best option for you. No fees will be payable if we do not recommend an IVA.

See A Creditors Guide to Insolvency Practitioners Fees in Respect of IVAs

Q. Will an IVA have an effect on my credit rating?
A. An IVA does affect your credit rating for 6 years after approval and it is normally a requirement that you do not apply for new credit while in an IVA.

Q. What happens if my circumstances change once my IVA has been approved?
A. If your circumstances change then your payments may go up or down depending on affordability. If you received an unexpected windfall of over £500 will have to go towards repaying your debts.

Q. What will happen to my home?
A. Homeowners may need to release equity from their property to pay creditors and a remortgage may attract higher interest rates. If no remortgage is possible then your IVA may be extended by 12 months.

Q. How much will I pay back each month to the creditors during in the IVA?
A. This is different in every case and is subject to your individual circumstances. A full review of your income and expenditure will be undertaken by Umbrella. If your IVA is approved then there will be restrictions on your expenditure.

Q. Are all my debts included?
A. An IVA covers your unsecured debts such as personal loans, credit cards and overdrafts. There are however a number of exceptions including fines, student loans, child maintenance payments and certain orders following divorce. Payments on your mortgage, secured loans or secured car finance will still need to be maintained where applicable – these debts cannot be included in an IVA but will be taken into account when considering what monthly payment are affordable. 

Q. Can an IVA help me avoid bankruptcy?
A.  A benefit of an IVA is that it can help you avoid bankruptcy however a failure to comply with the agreed terms of the IVA can lead to bankruptcy proceedings being initiated against you.

Q. Will anyone be able to find out I have an IVA?
A. An IVA is recorded in a public register (but is not required to be published in your local newspaper – unlike bankruptcy).

Q. What happens at the end of my IVA?
A. Once all terms of the IVA have been complied with, we will issue a final report to your creditors and issue you with a Certificate of Completion which you can then send to the credit reference agencies so they can update their records.

Q. Where can I find out more about dealing with my creditors?
A. You can find out more about dealing with your creditors in a guide produced by the Insolvency Service:
To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.
For more information on what an IVA is see: also R3, the insolvency trade body,  have produced a publication “Is an IVA Right for me”

If you think an IVA could help you please call Umbrella for a no-obligation review on 0800 611 8888 or email us at or

Download PDF of The Insolvency Service ‘In Debt Dealing with your creditors’

Download PDF of the Association of Business Recovery Professionals ‘Is a voluntary Arrangement right for me?’

Download PDF of Voluntary Arrangements – A Creditor’s Guide to Insolvency Practitioners Fees.


Testimonials from clients 

I would like to thank Sarah and her team for all the hard work they have put into helping me sort my finances out once and for all. Without this IVA I would still be struggling every month trying to make ends meet. I received nothing but an efficient polite service every time I spoke to a member of your team and I'm so very grateful. Thank you so much. Natasha R (January 2017)

Thank you so much for your help with my IVA. As an ex-company Director my life took a downward spiral when creditors from my liquidated company called upon my personal guarantees. I had been treading water for months, ran up credit card debts and borrowed from family. When a creditor instigated bankruptcy proceedings against me I thought I was going to lose my house. I contacted Umbrella who stopped all the phone calls and threatening letters. Umbrella explained things in way I could understand. They negotiated with creditors and my IVA went through, now I can sleep at night again and I kept my home. Thomas Fox was extremely knowledgeable and I truly thank him and his team. Paul G (December 2016)

I would like to say a very big "Thank You" to your lady on the telephone this morning who helped me start getting my life sorted and debts managed. So thank you "Sarah" great help... thank you again. L.Smart

Excellent customer service. Staff always helpful. Thank you. Lyndsay S

Very professional approach, always there for you to help, outstanding guidance.   Thank you so much for all. Joanna B

Very supportive and helpful at dealing with financial problems Sue KL




Umbrella IVA is provided by Umbrella Accountants LLP   who are authorised and regulated by the Financial Conduct Authority.

Registered Office: Bollin House, Bollin Link, Wilmslow, Cheshire, SK9 1DP: Company Number OC360021. Data Protection Number Z2517380. VAT Registration Number 107346824
Umbrella, Umbrella IVA and Umbrella Insolvency are trading styles of Umbrella Accountants LLP.

Thomas Fox LLB MIPA is an employee of Umbrella Accountants LLP and is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association.

Professional Indemnity Insurance - In accordance with the disclosure requirements of the Provision of Services Regulations 2009, the firm’s professional indemnity insurer is Hiscox Underwriting Limited of 1 Great St. Helens, London, EC3A 6HX. The territorial coverage is worldwide excluding professional business carried out in the United States of America or Canada and excludes any action for a claim brought in any court in the USA or Canada.

See our  complaints policy. See our  privacy policy. 


Download PDF of The Insolvency Service ‘In Debt Dealing with your creditors’

Download PDF of the Association of Business Recovery Professionals ‘Is a voluntary Arrangement right for me?’

Download PDF of Voluntary Arrangements – A Creditor’s Guide to Insolvency Practitioners Fees.