IVA - Individual Voluntary Agreement
With an IVA you could:
Repay your unsecured debts in (normally) 5 years
Prevent or stop legal action, including bankruptcy
Freeze the interest and charges on your debts
Avoid repossession and keep your home


IVA Quick Application
Are you eligible for an IVA?
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This is a helpful guide - but it's also good to talk
We recommend you don’t just rely on this helpful guide to see if you’re eligible for an IVA, but talk to our experienced debt advisors to ensure you choose the best way to solve your debt problem. Call FREE on 0800 690 6855.

IVA and what it means for you

How Are Payments Into An IVA Calculated?

The formula to calculate IVA payments is fairly simple; it is based on what you can afford to pay each month. There is a minimum your creditors may be willing to accept, but part of the beauty of an IVA is the payments are based on what you can afford.


Phone us and speak to an advisor and we can assist you in calculating what your payments may be.

Is An IVA Better Than Bankruptcy?

Yes, for some people it is the best option as they have property they would lose if they were to go bankrupt, or for some people being bankrupt can impact their job.


If you speak to an advisor they can help you in deciding what is the best option and if an IVA is for you.

Can I Do An IVA?

Without knowing all the details of your situation it is difficult at best to say an IVA is best suited for you. In order to be able to apply for an IVA you must have 2 creditors or more and at least £13,000 of unsecured debt.


You may want to complete our eligibility form to see if an IVA will work for you.

Is An IVA The Same As Bankruptcy?

IVA’s are a way for you to repay your creditors without going bankrupt, and for some people they would lose their homes if they were to go bankrupt.


Both IVA’s and bankruptcy are a form of insolvency, but are different in what you are allowed to keep and what you may pay. It is always recommended to try and IVA over Bankruptcy if you have a disposable income. If you apply for Bankruptcy with a diposable income you could be subject to an IPO (Income Payments Order) for 36-months.


Use our eligibility form to see what is best for you.

Will I Lose My House In An IVA?

That is one of the reasons why someone would want to choose to do an IVA over bankruptcy as it allows you to keep your home; for many people with property if they were to go bankrupt, they could very well have their house taken from them.


Phone us to speak to an advisor to discuss this further.

How Long Will I Be In An IVA?

In an IVA you make payments of what you can afford for a period of five (5) years. During this period the accounts are frozen to any new charges and all the interest is frozen.


At the end of the five years the remaining balances on the accounts is written off and you are out of debt.

What Is An IVA?

An IVA or Individual Voluntary Arrangement, is a way for you to repay your debts in a manner you can afford and to avoid going bankrupt.


For people with property or other circumstances, they need to avoid being declared bankrupt.


Use our eligibility form to see what option is best for your situation.

What Happens At The End Of My IVA?

Once you have made all the payments as required, which usually is five (5) years, you are out of debt and the IVA is complete.

Both My Wife And I Have Debts Some Together Some Separate, Can We Do An IVA Together?

Yes, you can do a joint IVA together and include all your debts and just have the one monthly repayment..


Use our eligibility form and we can further access your situation and what will work best for you.

How can an IVA help with my debt problems?

With an IVA, you pay only what you can afford. Based on a formal agreement with your creditors, you consolidate your debt and write off up to 75% of what you owe.

When will I be debt-free?

Once the IVA is complete, which is usually after five years.

Will I still get hassle from my creditors?

No, once an IVA is in place, creditor pressure will stop.

Can my creditors still take action against me?

Only if you fail to keep to the terms of the arrangement agreed with your creditors.

Is an IVA the right solution to my debt problems?

If you’re struggling with debt, there are a range of debt solutions available and our team of experts will be able to listen to your situation and circumstances and help with free, no obligation advice. Simply call 0800 002 9951 today.

What could an IVA do for me?

  • Freeze all interest and charges.
  • Stop legal action being taken against you.
  • Keep you free from creditor demands.
  • Help you maintain a debt free future and regain control of your finances.
  • Ensure an affordable monthly payment based on your financial situation.
  • Give you peace of mind by relieving the pressure and stress of financial difficulties.
Please note that the above benefits only apply once an IVA is in force and an interim order is granted.

What are the additional advantages of an IVA?

  • During the term of an IVA, you will not encounter the legal restrictions applied to bankruptcy.
  • Unlike bankruptcy, you can continue to trade during the term of the IVA.
  • The IVA is structured to recognize your situation and enables you to have some input regarding the assets made available to creditors.
  • Creditors can claim tax relief against bad debts.
  • If the majority creditors vote to accept the IVA, the remaining creditors also have to agree.
  • It is beneficial for the creditors to accept the arrangement.

What else do I need to take note of in an IVA case?

  • Arrangement fees may be charged.
  • Entering into an IVA will affect your credit history for 6 years.
  • Failure to meet the payments can eventually lead to debtors being made bankrupt.
  • Arrangement charges can vary and charges will be deducted from payments prior to being distributed to creditors.
  • If the IVA fails due to debtors not meeting the criteria, arrangement charges may be non-refundable.
  • If there is any equity in the property, homeowners may be required to re-mortgage during the IVA.

Can I include my Payday Loan in my Bankruptcy?

In most circumstances Payday Loans are treated just as any unsecured lender would be, so yes you can include your payday loan in Bankruptcy. 

Exceptions may arise if your payday loan has been set up through your employer (commonly know as employment loans) whereby your repayment will automatically be deducted from your salary.For more information please visit the payday loans website, which provides much more detailed knowledge.



An IVA could be your best option.
If you’re struggling with debt, an IVA is an alternative to going bankrupt. It’s a legally binding arrangement between you and your creditors which enables you to pay only what you can afford. Interest charges are frozen and any outstanding debt is usually written off at the end of your IVA, leaving you debt-free in about 60 months.
Put a stop to all the worry about what your creditors will do.
An IVA puts a stop to creditor hassle as it’s a formal and legally binding agreement that’s approved by the government. An Insolvency Practitioner will handle your IVA on your behalf and once in place:
Creditors cannot take any legal action against you
We will explain every step of the IVA process to you
We will help prepare all the paperwork for you to keep it simple
Our friendly, professional debt advisors will support you

IVA example
Let's say the
unsecured debts to
your creditors looked
like this:
Creditor A
Creditor B
Creditor C
Total Owed:
Monthly repayment:
After entering into an IVA:
Monthly repayment:
Total debt repaid:

IVA vs Bankruptcy
IVA: writes off up to 75% of
your debts
BANKRUPTCY: writes off all
your debts
IVA: you can keep your
property but may be required
to release the equity
BANKRUPTCY: if you have a
property with equity, you will
need to sell it
IVA: normally lasts for five
years but has less social
stigma than bankruptcy
BANKRUPTCY: will last for one
year but has more social
stigma than an IVA
IVA: you can still get a current
bank account
BANKRUPTCY: it is very
difficult to get a current bank

IVA Pros & Cons
The Pros
If you have at least 2 creditors and owe £13,000 or more, an IVA could be suitable for you. With an IVA, you can consolidate your debt and write off up to 75% of what you owe. Based on a formal agreement between you and your creditors, you pay affordable, monthly payments over a period of five years. At the end of the IVA, you are debt-free.
The Cons
During your IVA, you will not be allowed to borrow and your credit rating may be affected for up to six years from when the arrangement started. If you’re unable to keep to the agreed terms of the arrangement, your creditors can still take action against you. If you have equity in your property, you may need to release it to your creditors (this is usually achieved by increasing your mortgage).