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Individual Voluntary Arrangement - IVA

What is an IVA?

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Total number of people using IVAs

Who's doing IVAs?

1

2017

1

2017

1

2017

How does and IVA work?

Consolidate your debts

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Reduced monthly repayments

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Interest and charges frozen

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Typically debt free in just 60 months

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Protection from creditors

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Write off unaffordable debts.

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Before & after an IVA

Before an IVA

Total debt to repay - £15,000
Monthly payment - £670
Time in debt - 12 years
Debt written off- £0

Before an IVA

Total debt to repay - £6,000
Monthly payment - £100
Time in debt - 5 years
Debt written off- £9,000

The down sides of an IVA

Not everyone qualifies

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Not all debts can be included

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Negative impact on credit rating

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Must keep up with repayments

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Have questions?

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Frequently asked questions & answers

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