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Step-by-Step timeline of an Individual Voluntary Arrangement (IVA)

Posted 27 August 2013

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<p>We've put together this IVA timeline to show how a typical IVA works. If you're thinking of entering an IVA, our experts can help you get started.</p>

You may be thinking about entering an IVA (Individual Voluntary Arrangement) if your debts have got so out of control that you can't see yourself ever paying everything back.

An IVA is a way for people with unmanageable unsecured debts to pay back as much as they can, and write off the rest.

It involves making affordable payments each month, from which a fair amount is passed on to each lender included in the agreement. This usually lasts for five years.

An IVA could really help if your debts have become completely unaffordable, but bear in mind that if your IVA fails it could end in bankruptcy.

We've put together this IVA timeline to show how a typical IVA works. Remember, this is just a guide - each case is different, and the times may vary depending on your circumstances.

Step-By-Step timeline of an Individual Voluntary Arrangement

    • DAC - IVA

Move the slider to reveal more of the timeline.

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by Emily Bancroft

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.