Individual Voluntary Arrangement
Getting your monthly finances back to balance.
One affordable monthly payment, interest and charges frozen, and creditor pressure stopped by law. An IVA turns scattered, unmanageable debt into a single plan with a fixed end date — and whatever qualifying unsecured debt remains is written off.
Free debt counselling, debt adjusting and providing of credit information services is available to customers by contacting MoneyHelper.
Term
5–6 years
Minimum debt
Around £6,000
Creditor approval
75% by value
Credit file
6 years
Who is it for?
- You owe at least £6,000 to two or more creditors
- You live in England, Wales or Northern Ireland
- You have a steady income with roughly £100 a month or more available
What debts can be included?
Personal loans, credit cards, store cards, overdrafts, payday loans, catalogue debt, council tax arrears, utility arrears and tax debts can all go into an IVA. Mortgages and secured car finance are excluded and continue as normal.
How the process works
We work with you to create a sustainable plan that creditors respect and you can realistically maintain. If creditors representing 75% of the debt by value agree, the IVA becomes legally binding on all of them.
From that point you make one single monthly payment. Interest and charges are frozen. Creditors can no longer contact you or take legal action. Our portal tracks every payment, document and annual review so there are never any surprises.
Why people choose an IVA
- Pay only what you can afford
- Remaining qualifying debt written off at the end
- Creditors cannot chase you once it is approved
- Interest and charges stop
- You can often keep your home and car
- One payment, one plan, one end date
Things to know
- Stays on your credit file for six years
- Listed on a public register
- Some spending restrictions apply during the IVA
- Windfalls such as inheritance or bonuses may need to be declared
What happens at the end?
When your final payment is made, your remaining qualifying debt is legally cleared, giving you the freedom to build a new financial future.
Find out if an IVA is right for your debts
A five-minute check tells you whether an IVA, a Trust Deed or another route gives you the best outcome.