If you have debt problems, you may be wondering if you are suitable for an IVA.
This website contains the basic IVA details that you may need to know before you choose what debt solution if right for you. Please see our IVA FAQs section or contact one of our IVA advisors directly for free IVA information – 0800 0481 777.
What is an IVA?
IVA is short for Individual Voluntary Arrangement, and was introduced as part of the Insolvency Act of 1986. An IVA is a legally binding agreement between the …

This IVA resource aims to follow on from that article by answering more specific questions about the IVA process.
Can all my Debts be included in an IVA?
You can only use an IVA for unsecured debts, such as credit cards, unsecured loans, store cards and bank overdrafts.
An IVA will not cover any debts which are secured against an asset, such as mortgage, remortgage or secured loan. There are other debts which can also not be included such as certain student loans or debts which arose from fraud.
To see if your …

Both IVA and Debts Management are agreements with your creditor, where you agree to pay back a set about each month. But there are a number of firm differences between the two:

Type of Agreement.
An IVA is a legally binding agreement between the debtor and the creditor. Once an IVA has been approved then the creditor cannot change their mind and pull out of the plan.
Whereas a debt management plan is an informal agreement and creditors …