IVA: Individual Voluntary Arrangement

IVA (Individual Voluntary Arrangement) legislation was introduced by the Government as a less severe alternative to bankruptcy. No other debt solution can write off any amount of your debt.

You make a set monthly payment over 60 months, and then any unaffordable debt is written off at the end of this term. All interest and charges are frozen by your creditors, meaning that your debt will not increase. All legal action against you is stopped, including any bankruptcy proceedings.

Am I Suitable for am IVA? 

It is suitable for those with unsecured debt over £15,000 who are struggling to make minimum payments. You will need to commit to making a realistic monthly payment back to your debts, so it is important that you are in regular employment. 

For more information about IVAs, please call Debt Helpline on our freephone number, 0808 131 9113.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)