What is an IVA?

An IVA (Individual Voluntary Arrangement) is a solution for individuals that have unsecured debts and are struggling with repayments.

It is a legally binding solution that helps people to repay debts at a more affordable rate.

An IVA will typically last for a period of 5 years and during this time creditors included in the agreement will freeze interest and charges and write off any remaining debt at the end of the IVA.

Individuals in an IVA are also protected from unsecured creditors taking further legal action against them including petitioning for their Bankruptcy and they are no longer allowed to contact them about their debts.

So if you are struggling with your debt repayments, an IVA could be the right solution for you.

Important Things To Consider

If you fail to keep to the terms of the IVA your creditors can resume collection actions for the full outstanding balance and no credit will be given in relation to any payments for fees within the IVA.

Failure could also result in your creditor taking bankruptcy action.

If you are a homeowner, you may be asked to release equity in the final year of the IVA, but an IVA should not force the sale of your home.

If you have assets which are not essential to you then you may be asked to make these available to your IVA (e.g. savings plans and ISAs).


You are not allowed to borrow or obtain credit during your IVA without the permission of your Supervisor.

Entering into an IVA will be entered on a public register


To make you aware of all the different aspects of an IVA we have compiled a list of Frequently Asked Questions here

IVA Fees

The fees that an IP charge for preparing and supervising an IVA are included in the agreed monthly amount that you pay into your arrangement. You can see a more detailed explanation of IVA fees here

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