* Only available in England, Wales and Northern Ireland
Please note, when entering an IVA, your details will be added to the Individual Insolvency Register as per CONC 3.9.3(14).
An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts.
You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors. An IVA can give you more control of your assets than bankruptcy.
Should an IVA be the best option, our experienced agents will run you through the whole process before you commit to an arrangement.
We’ll review your financial situation to determine your level of debt and what you can afford to repay each month.
Our debt experts begin the IVA process by checking your income, expenses, and debt level. We then work with you to check out all your options and confirm if an IVA would work best in your specific situation. If an IVA is right for you, we will determine a monthly amount that you can realistically afford to repay each month.
Provided you maintain payments, all unpaid debt is written off at the end of the IVA, which typically lasts 60 months (5 years).
Please Note: By entering an IVA, you will be entered onto a public register.
An IVA would cover most of your unsecured debts. Debts covered by IVA include:
(a) If the arrangement or deed fails, the risk of bankruptcy;
(b) Homeowners may need to release equity from the value of their homes to pay off debts, and that a re-mortgage may attract higher interest rates or, if no re-mortgage is available, an individual voluntary arrangement may be extended for 12 months;
(c) There are restrictions on the expenditure of a person who enters into an individual voluntary arrangement or a protected trust deed;
(d) The customer's lenders or owners may not approve the individual voluntary arrangement or the protected trust deed;
(e) Only unsecured debts included within the individual voluntary arrangement or protected trust deed may be discharged at the end of the period and unsecured debts not included remain outstanding;
(f) Negative effect on credit rating and ability to source credit, restrictions on obtaining credit