Your guide to Individual Voluntary Arrangements (IVAs)

What is an Individual Voluntary Arrangement (IVA)?

If you live in England, Wales or Northern Ireland and you’re unable to afford your unsecured debt repayments, an Individual Voluntary Arrangement (IVA) is one option you can look at to help. Put...

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Do I qualify for an IVA?

In order to enter into an IVA, you need to be sure that it’s right for your situation and that you qualify. To find out whether an IVA is right for you or not, you need to speak to a trained Insolvency...

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What are the pros and cons of an IVA?

An IVA, like any debt solution, has both pros and cons. If you’re thinking about entering into an IVA, it’s really important that you look at both the advantages and disadvantages it offers...

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How does an IVA work?

An IVA works by allowing you to repay a portion of what you owe over a specific length of time in instalments agreed with your creditors. Once this term has finished, an IVA writes off the outstanding...

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What happens if my circumstances change while on an IVA?

IVAs last for five to six years and, during that time, there’s a chance your circumstances will change. That’s why your IP carries out an annual review every year.

You may find that...

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Is an IVA right for me?

If you want to enter into an IVA, there are a number of things to ask yourself:

Do I want to cut my payments to an affordable level?

We're going to assume the answer to this question...

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Credit rating - impact of an Individual Voluntary Arrangement

An IVA will have a negative impact on your credit rating. It's a way to deal with insolvency, which means that you’ve been unable to pay your debts back at the rate that was originally agreed...

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What are the alternatives to an Individual Voluntary Arrangement?

An IVA isn’t the only debt solution available to you. There are other solutions available that might be better for you, depending on your circumstances. We’ve listed them below, but speaking...

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