What is an IVA?

An Individual Voluntary Arrangement (IVA) is a government-backed debt solution that allows you to repay a portion of your debts through affordable monthly payments over a fixed term — typically 5 or 6 years. At the end of the IVA, any remaining unsecured debt is written off.

How Does an IVA Work?

When you enter into an IVA, a licensed insolvency practitioner works with you to assess your income, expenses, and debts. A proposal is then made to your creditors, offering a fair and realistic monthly repayment plan. Once accepted by 75% of your creditors (by debt value), the IVA becomes legally binding on all of them.

Key IVA Features:

Write off up to 85% of your debt upon successful completion
Make one affordable monthly payment
Legally stops interest, charges, and creditor contact
Your home is protected (in most cases)
No court appearance required
Support from qualified debt professionals

Who is Eligible for an IVA?

To qualify for an IVA, you usually need:

Over £6,000 of unsecured debt
At least two different creditors
Regular income from employment, self-employment, or benefits
To live in England, Wales, or Northern Ireland

IVAs are suitable for people struggling with credit cards, loans, overdrafts, payday loans, and more. They are especially effective if you're receiving creditor pressure and want to regain control.

Pros and Cons of an IVA

Benefits:

Peace of mind — stop creditor contact
Interest and charges frozen
Affordable fixed monthly repayments
Debt written off at the end

Things to Consider:

May affect your credit rating
You’ll need to stick to a budget
Assets or home equity may be considered
IVAs are public records (on the insolvency register)

Check If You Qualify

It only takes a minute to check if an IVA could help you. Click below to answer a few simple questions and see if you're eligible.

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