An Individual Voluntary Arrangement (IVA) is used to resolve serious personal debt problems. It is an agreement with your creditors to repay as much of your debt as possible within a fixed period (normally 5 years).

At the end of the IVA, whatever debt has not been repaid is written off by the creditors allowing the you to make a fresh start, debt free.

Where to start

• Choose the solution – Use the “Which way should I turn” form to get your FREE DEBT REPORT
• Ask the experts – use the Beat My Debt Forum
• Call us now – speak to one of our advisors in confidence to see if an IVA can work for you.

Take the first step to beating your debt NOW – Call us free on 0800 077 6180

Interest Frozen; Debt Written Off

The amount that you repay creditors in an IVA will depend on the level of your disposable income. You will be asked to pay all of your disposable income each month into the arrangement for 5 years.

If you are a home owner and have any available equity in your property, you will also be asked to release this through a re-mortgage. Any lump sum generated in this way will also have to be paid to your creditors. 

The IVA is a legally binding agreement. It is covered by the law within the Insolvency Act of 1986. This means that once agreed, your creditors are not allowed to change the terms of the arrangement and must stop adding interest and charges to your debts.

Your creditors are also required to agree that at the end of the arrangement, as long as you have made all of the payments you agreed to make, any outstanding debt will be written off.