Individual Voluntary Arrangement
Could part of your debt be written off?
Pay what you can afford over a fixed term, with the remainder of qualifying debt written off at the end.
Is it right for you?
An IVA may suit you if…
- You owe £6,000 or more to two or more creditors
- You have a regular income
- You can afford a monthly contribution
- You want legal protection from creditor action
It may not be suitable for
- Very small debts or very low income
- People unable to commit to a fixed-term plan
Don’t worry — there are other options, and our check will point you in the right direction.
Real-life example
How an IVA could help.
Mark, 41, Manchester
Mark owed money on loans, cards and an overdraft after a change in his work hours.
After 60 months of agreed payments, the remaining qualifying balance would be written off.
Total debt
Monthly payments
Term
Illustrative example only. Names and figures are representative; your outcome depends on your circumstances.
How it works
How an IVA works.
Free assessment
We check your debts, income and circumstances.
Proposal to creditors
An Insolvency Practitioner puts forward your plan.
Creditors vote
If 75% (by value) agree, the IVA becomes binding.
The full picture
Advantages and disadvantages.
Advantages
- Remaining qualifying debt written off at the end
- Interest and charges are frozen
- Creditors legally can’t chase you
- One affordable monthly payment
Things to consider
- Fees are included in your payments
- Credit rating affected for 6 years
- Homeowners may need to release equity
- If payments fail, the IVA can fail
Could an IVA work for you?
Five quick questions. No credit search. No obligation.
Safe, secure, confidential
IVA FAQs
Common questions.
Will I lose my home?
Not usually. Homeowners may be asked to release equity towards the end, but this is assessed individually.
How much debt is written off?
It depends on what you can afford. Write-off amounts vary and are never guaranteed.
Are there fees?
Yes. Fees are paid from your monthly contributions, not on top.
Not sure if an IVA is right for you?
Answer five quick questions and we’ll help you understand which options may suit you.
Check my options