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IVA Details

There are so many people and services claiming to have the answer to your debt problems that it can often be difficult to figure out what each solution actually involves. Individual Voluntary Arrangements are often put forward as an easy answer to financial insolvency, but only the right advice can help you to know whether they will in fact help you personally.

IVAs are intended for people who can no longer meet their debt payments and are potentially facing bankruptcy. An IVA is a way of avoiding bankruptcy by striking a deal with your creditors, according to which you will pay back at least part of what you owe them.


Getting an IVA is dependent on your creditors agreeing to it, so your Insolvency Practitioner will draw up and put forward a proposal that you will sign up to. The arrangement will outline a period during which you will make certain payments, although these can be reviewed during the term.


It is generally the case that the payments will not work out at less than £200 per month. IVAs are normally used for people with debts totalling £12,000 or more, and owed to at least 3 bodies. The term of an IVA is normally around 5 years.


Although an IVA is a legally binding contract, there is a little flexibility built into it. For example, your IP will continually review your finances throughout the period, and may talk with you about making changes to your payments on this basis.


You will no be able to get further credit or unsecured lending while the IVA term is being carried out. Once the IVA is complete, and if you have managed to keep to the terms, the debts concerned will effectively be written off, and you will then be able to seek credit again.

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Fees and key info

We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan. Click here to read our fees and key info. Please note: From time to time we may refer you to other services providers or charities such as the CAB.


If you’d like more information on other sources of free debt help and advice you can visit MoneyHelper – an organisation, backed by government and set up to offer free and impartial advice to those in debt. - Click here to visit MoneyHelper