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 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 debtor and their unsecured creditors. In an IVA, the debtor agrees to pay one reduced monthly sum for a typical 60 month period.

As part of the agreement, any unaffordable debt will be written off at the end of the IVA agreement. Once an IVA has been completed, the debtor will be free of any unsecured debt.

Can I Apply for an IVA?

An IVA is not suitable for everyone, and it is important that you seek professional advice to see if you qualify.

Speak with one of our IVA advisors on 0800 0481 777, they will go through your personal circumstances and help you to find a solution to your debt problems, whether this be through an IVA or a debts management plan.

An IVA is a part of Government legislation and is not something that you can do yourself. This means that the costs of setting up an IVA are rather expensive. Therefore you need to have debts of at least £12,000 to be considered and be able to afford monthly payments of at least £200.