UK Debt Helpline

Debt solutions

Individual Voluntary Arrangement (IVA)

A legally binding solution that lets you repay what you can afford and write off the rest — with full legal protection from your creditors.

What is an IVA?

An Individual Voluntary Arrangement (IVA) is a formal, legally binding agreement between you and your unsecured creditors. It allows you to repay a portion of your debts through one single, affordable monthly payment over a set period — usually five years.

At the end of the arrangement, any remaining unsecured debt included in the IVA is legally written off. An IVA is managed by a licensed Insolvency Practitioner (IP) who acts as your nominee and supervisor throughout the process.

Once approved by your creditors, they are legally prevented from adding further interest or charges, contacting you directly, or taking legal action against you.

One affordable monthly payment
Interest and charges frozen
Legal protection from creditors
Write off remaining debt at the end
All assets protected
Avoid bankruptcy

Check if you qualify

Fill in your details and one of our advisors will be in touch.

£5,000
£1,000£20,000+

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How the IVA process works

1

Free consultation

Speak to one of our advisors who will review your debts and income to see if an IVA is right for you.

2

Proposal prepared

Your Insolvency Practitioner prepares a formal proposal outlining your repayment plan and submits it to your creditors.

3

Creditors vote

Creditors holding 75% or more of your debt must agree to the proposal. Once approved, all creditors are legally bound.

4

Debt written off

You make one monthly payment for the agreed term. At the end, any remaining included debt is legally written off.

IVA pros and cons

Advantages

  • Legally binding — creditors cannot pursue you
  • Interest and charges are frozen
  • Remaining debt written off at the end
  • One manageable monthly payment
  • Protects your assets
  • Avoid bankruptcy and its restrictions

Considerations

  • Credit rating will be affected for 6 years
  • Recorded on the Insolvency Register
  • Not all debts can be included
  • Requires commitment over the full term
  • Fees apply (included in monthly payment)

Frequently asked questions

Ready to take the first step?

Call us on 0141 487 9912

Or email [email protected]