Individual Voluntary Arrangements: benefits and considerations
An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement with your creditors. You pay what you can afford each month, and any remaining qualifying debt may be written off at the end.
Potential benefits
- ✓One affordable monthly payment
- ✓Legally binding — creditors must stop contacting you
- ✓Remaining qualifying debt may be written off
Important considerations
- IVAs include fees and usually require payments for five or six years
- They affect your credit file and appear on the public Insolvency Register while active
- Homeowners may need to release equity, windfalls may be claimed and creditors may act if the IVA fails
See if an IVA is right for you
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Why do we ask this?
Your total debt amount helps us match you with solutions designed for your level of borrowing.
Clear Debt Help is a lead generator, not a debt solution provider. If you submit your details and give consent, we pass them to third-party partner firms that provide debt solutions. We may receive a fee from a partner for the introduction. If you enter a debt solution, fees may apply and will be explained by the provider before you proceed.
To find out more about managing your money and getting independent support, visit Money Helper, an independent service set up to help people manage their money.