intP1TemplateID=1 Individual Voluntary Arrangement (IVA)
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Individual Voluntary Arrangement (IVA)



An Individual Voluntary Arrangement, or IVA, is a formal arrangement to make an affordable payment over a fixed period.



  • An IVA offers you legal protection from your included creditors.


  • An IVA usually has a fixed term of 60 months/ 5 years, and at the end of the arrangement, any

           outstanding balances on included debts will be written off.


  • The payment you make into an IVA is based on your Income and Expenditure so should always be affordable to you.


  • There are no upfront fees; fees are incorporated into your monthly IVA payments and vary between IVA companies.


  • Interest and charges on included debts will be frozen.



  • Any debts not bound by your IVA will remain outstanding and you are responsible for keeping up with their repayments.


  • Your credit file will be affected for a period of 6 years, starting when the IVA is approved. Your ability to obtain credit will be restricted for the period of the IVA


  • An IVA can impact on certain jobs such as those in finance and the Civil Service - if you are unsure check your employment contract.


  • If you are a homeowner, you may be asked to re-mortgage 54 months into the IVA, which may incur higher interest rates than your previous mortgage. If this is not possible, you may be required to extend your IVA by a further 12 months.


  • Failure to keep up with IVA payments may result in your creditors filing for your bankruptcy.


  • Your details will appear on a publically searchable record.


  • Your creditors may not agree to your IVA which may stop the arrangement from going ahead.


  • Your expenditure will be restricted.


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