An IVA Can Help You Clear Your Debts

Individual Voluntary Arrangements are the perfect solution for people with a lot of creditors. There's the potential to write off up to 75% of your debts!.

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How can a IVA help you?

An IVA could write of up to 90% of your debt!



Have one affordable monthly payment

Clear your debts without a loan

Reduce demands from your creditors



The Money Advice Service offers free money advice

How can an IVA help me?


An Individual Voluntary Arrangement is a formal and legally binding agreement between you and your creditors. It provides both parties with certain legal protections whilst you solve your debt problems.

Once the agreement is in place your creditors must stop all further interest and charges on your debts. All letters and phone calls from your creditors in relation to your debts should then cease. Once the 60 months have ended, and you have kept to the arrangement any outstanding debt included in the IVA is written off.

Whats the minimum criteria
for an IVA?


You must be indebted to at least two creditors

The debt must be to the value of at least £5000

You must be able to show that you're struggling with payments

UK citizen (IVAs are specific for England and Wales)

Frequently asked questions about Individual Voluntary Arrangements

Will the IVA prevent my creditor from taking any further action?
Yes. Once the IVA is in place, you are protected from all further recovery action by your unsecured creditors providing you agree to the terms of the arrangement.
Can I enter an IVA if i have CCJs against me?
Yes. Entering into an IVA even offers you a way by which you can avoid further recovery action after a creditor has obtained a CCJ against you.
Will i be credit checked before acceptance?
No. Since you will not be borrowing any money, there will be no need for a credit search.
Do I have to be in full time employment?
No. To enter into an IVA, you only need to have a surplus of income above what you need to live on.
Does it make a difference if I am a homeowner or tenant?
No. It makes no difference whether you are a tenant or homeowner or even if you are still living with your parents.
Can I cancel the IVA once its set up?
No. An IVA is a legal process and, once it is set up, you cannot just cancel it if you change your mind. If you do find yourself in a position whereby you cannot continue to uphold the original terms then contact your insolvency practitioner and they will be able to offer you procedural advice.
How long does it take to set up an IVA?
This can vary but providing everything is standard, it takes typically between 6 and 8 weeks to set up an IVA.
How long does an IVA last?
This can vary, but usually up to five years.