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Individual Voluntary Arrangement or IVA

This debt solution is available for people residing in England, Wales and Northern Ireland

An IVA or Individual Voluntary Arrangement is a formal arrangement between your creditors to help you repay the debts at an affordable rate.

IVAs are a legal binding agreement that can help you manage your debts efficiently. You can get an IVA with the assistance of an IP or Insolvency Practitioner. 

Through an IVA, you can offer or proposed debt payments to your creditors. The amount offered will depend on how much you can afford toward paying your debts. Once you’re on an IVA, you can pay your debts through a lump sum payment or monthly installments within 60 or 72 months repayment agreement.

If you reside in Scotland, it would not be possible for you to get an IVA. However, a similar debt solution can be considered in the form of a protected trust deed. Though they may be similar in nature, they differ in terms of benefits, costs and risks. 

How to Apply for an IVA?

Before making a huge decision to apply for an IVA, you can use our online debt advice tool for free. This helps you conclude whether an IVA would suit you best. Should you prefer to speak with our debt advisor, feel free to call us on  0800 193 1024.

Individual Voluntary Arrangements with Debt.org.uk

If determined that an IVA is the best solution to your debts, we can help you regardless of your predicament. We offer guidance that is customized to fit your needs and financial situation.