An IVA provides a legal way to reduce your monthly payments on your debts, stop creditor contact and potentially write off remaining unaffordable debt on completion.
An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your creditors, set up by a licensed Insolvency Practitioner. It lets you make one affordable monthly payment, typically for 60 months, after which any remaining unaffordable debt is legally written off on successful completion.
An IVA will affect your credit rating. While the IVA is running you won't be able to take out new credit, and any existing credit will need to be given up. The IVA stays on your credit file for six years from the date it starts.
It's not permanent. Once your IVA is complete, your credit rating can begin to repair itself, and many people rebuild their credit score within a few years of completion.
If your property has more than £10,000 of equity, your IVA may be extended by up to 12 months, so 72 months instead of 60. This means you can keep the same affordable monthly payment for slightly longer, rather than having to remortgage or release equity in the final year of the IVA.
For free and impartial debt advice backed by government, you can visit MoneyHelper — an independent source of debt help and guidance.
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Initial debt advice is provided at no cost. Fees only apply if you choose to proceed with one of our debt solutions, and they depend on the solution and your personal circumstances.
All fees are discussed and agreed with you in full before any service begins.
Read our complete fees document for full transparency on costs, processes, and what to expect at every stage.
Read our fees and key info →Meeting FCA standards under Consumer Duty.
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