What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay back what you can afford. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors.

An IVA will give you more control of your assets than bankruptcy.

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How does an IVA work?

We will review your financial situation with you to help work out what is affordable. If an IVA is suitable, we can refer you to one of our preferred Insolvency practitioners. The practitioner will put forward a formal proposal with you, if the creditors accept this you are legally protected and creditors can no longer add interest and charges.

Provided you maintain payments, all unpaid debt is written off at the end of the IVA, IVA’s normally last for 60 months.


  • One affordable monthly payment made over a fixed period.
  • Unaffordable debt written off.
  • Legal Protection – once your IVA is approved, creditors can not take further action to recover the debt.
  • All interest and charges are frozen
  • The fees charged are taken from the affordable monthly payment you make over the agreed term of the IVA.


  • (a) if the arrangement or deed fails, there is a potential risk of bankruptcy;
  • (b) homeowners may need to release equity from the value of their homes to pay off debts, and that a remortgage may attract higher interest rates or, if no remortgage is available, an individual voluntary arrangement may be extended for 12 months;
  • (c) there are restrictions on the expenditure of a person who enters into an individual voluntary arrangement or a protected trust deed;
  • (d) the customer's lenders or owners may not approve the individual voluntary arrangement or the protected trust deed;
  • (e) only unsecured debts included within the individual voluntary arrangement or protected trust deed may be discharged at the end of the period and unsecured debts not included remain outstanding
  • (f) Negative effect on credit rating and ability to source credit, restrictions on obtaining credit?

Money Helper

Money Helper is an important service set up by the Government. They provide free debt counselling, debt adjustment and credit information.