What is an Individual Voluntary Agreement (IVA)?
An IVA is a legally binding arrangement between you and your unsecured creditors, which consolidates your debts into affordable monthly payments. Start your debt assessment Fees may apply. Your credit rating may be affected & details may be passed on to 3rd parties. T&Cs apply.
Why consider an Individual Voluntary Agreement (IVA)?
Lower monthly repayments
An IVA consolidates your unsecure debts into one affordable monthly payment, making it easier to manage your finances.
Set up within a month
An IVA can be arranged and approved in under a month, providing quick relief from creditor pressure.
Stops legal action
Once in place, an IVA prevents creditors from taking further legal action or contacting you for payments.
Debt written off after completion
After making agreed payments for typically five years, any remaining unsecure debt is written off.Why might an IVA not be for me?
Credit Rating
Entering an IVA will have a negative impact on your credit rating and will stay on your credit file for six years from the date it begins.
Not Guaranteed
Creditors are not guaranteed to accept your proposed IVA arrangement.
Public Register
Your entry into an IVA will be recorded on the public Insolvency Register, including your name.
Failure
If you fail to meet the agreed terms, creditors may resume collection efforts.Am I Eligible for an IVA?
To be eligible for an IVA, you must meet these criteria:
You must be a resident of England, Wales or Northern Ireland.
You have unsecured debts of £6,000 or more that you cannot afford to pay.
You owe money to two or more unsecured creditors.
You’re able to pay a regular monthly contribution towards your debts.
You have a regular income that isn’t solely from benefits.
Is an IVA right for you?
There’s lots to consider when choosing a debt solution. Speaking to an adviser can help you understand your options and decide whether an IVA is right for your situation.The Debt Advice Service help over 15,000 people in the UK every year
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Safe, secure & confidentialOur 5 step process
GET STARTED
Answer questions about your financial situation
SPEAK TO AN ADVISER
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LEAVE IT TO US
The team will listen to your goals, find a solution and be with you all the way
TIME TO THINK
There’s no pressure from us to make a quick decision, and we’re here when you’re ready to move forward
TACKLE YOUR DEBTS
We’ll either continue your application via our in-house insolvency practitioner or put you in contact with a trusted partner to progress your application further
The Debt Advice Service
We’re here to help you find out what your options are and to talk you through them in plain English. The Debt Advice Service will provide you with information on all relevant debt solutions that may be available for you to make an informed choice based on your circumstances. If you wish to pursue a particular debt solution, we’ll either continue your application via our in-house insolvency practitioner or put you in contact with a trusted partner to progress your application further.