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What is an IVA?

What happens during an IVA?

Common questions

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Individual Voluntary Arrangement (IVA)

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Typical Example from all our customers who were recommended an IVA

This average example shows how these customers' payments were made more affordable each month.

Typical Example

Personal unsecured debt


Number of lenders


Previous monthly debt repayments


New monthly debt repayments


We are able to reduce monthly repayments by carefully reviewing your finances and putting forward realistic recommendations to your lenders.

These figures are based on the averages across all IVA's arranged for customers in 2017. We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable.

On average over 17,000 people in the UK benefit from an IVA each year

An IVA is a legal agreement to repay a set amount to your lenders (IVAs are not available to Scottish residents).

IVAs are affordable

You'll make one reduced payment each month – it'll be affordable for you, and will take into account your essential expenditure, such as your rent or mortgage.

Freeze interest & charges

If your IVA is approved, lenders will freeze interest and charges and they'll stop chasing you.

Your debts will be written off on completion

Once you've completed your IVA, any outstanding balance on your unsecured debts included in the IVA will be written off. Any unsecured debts not included will remain outstanding.

Equity release

You'll be able to keep your home, however you may need to release equity to repay your debts. If you're unable to re-mortgage, you may need to make extra contributions for 12 months. Re-mortgaging could result in a higher interest rate.

Terms of the IVA

You could be required to reduce spending on non-essential items. If the IVA fails, you could be at risk of bankruptcy.

Credit rating

Your IVA will appear on your credit rating for six years from the date it's registered and details will be included in the publicly available Insolvency Register.

Answer a few questions online, find out if an IVA is suitable for you

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IVAs are available subject to eligibility and acceptance, alternative solutions may be offered. Fees payable if continuing service are provided. Our fees are explained here.

To find other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.

The IVA has become the most popular personal insolvency procedure in the UK to date

What will happen during an IVA...


A Money advisor will gather the information needed to assess your situation

They will explain your options and help you decide if an IVA is right for you


If an IVA is the right solution for you, a qualified practitioner will then prepare the IVA proposal documents

We then ensure you read and understand the documents before signing


Your lenders are sent the proposal and decide whether to accept it or not

Once accepted the IVA is set up as agreed


You will get a team of relationship managers to help you through your IVA

Once your arrangement is fulfilled (usually 5 years), you will be free from debt

If you own your own home, with an IVA you have the ability to safeguard it

Answers to common IVA questions

Will I have to cut back on my spending?

You'll be expected to cut back on any spending that isn't essential so you pay as much as you can reasonably afford until your debt is written off

Will it affect my credit history?

Details of the IVA will appear in the publicly available Individual Insolvency Register and will show up on your credit history for six years from the day it starts – which will affect your ability to obtain credit

Will my home be at risk?

If you're a homeowner, you may be asked to release any equity in your property in the final year of the arrangement. You may be subject to a higher re-mortgage interest rate as a result of being on an IVA. If you can't re-mortgage, you may be asked to make up to 12 more monthly repayments instead

What will happen if I fail to make payments?

If you fail to stick to the terms of your IVA, you could be made bankrupt

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Further information about IVAs

Read all guides

Our promise to you

You will not be called by a call centre

Our experienced, Money Advisors will only call at a time convenient for you

We'll take care of everything

From finding balances to dealing with your lenders - your qualified practitioner will do it all for you!

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We have helped over 400,000 people with a range of solutions - it's important we find the right one for you

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Find out if an IVA is a suitable solution

Talk with your personal Money Advisor today

If you are interested or would like more information on IVAs, talk through your options with one of our experienced money advisors

0161 667 7888

We will offer advice, support and a solution

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