What is an IVA?

An IVA, or Individual Voluntary Arrangement, is a legal alternative to bankruptcy for those experiencing personal insolvency. It is a legally binding agreement made between you and your creditors and involves you renegotiating your debt repayments according to what you can realistically afford. When your application is complete and successful, you’re left with one single payment to make each month for an agreed period of time. For those with debts of less than £15000 a Debt Relief Order may be a more appropriate solution.

How Long Does an IVA Last?

Usually, an IVA lasts for 60 months (5 years) depending on your circumstances. At the end of this period of time, your debts are considered to be settled in full. This may be different if you are a home owner.

Am I Eligible for an IVA?

There are certain eligibility criteria you must meet in order to enter into an IVA. These include:

• You must be a resident of England, Northern Ireland or Wales.
• Your debts must exceed £6,120.*
• You must have a regular income and therefore be able to make a regular repayment.
• Or assets that can be used to repay your creditors.

If you don’t meet these criteria, we may still be able to assist you with an alternative debt solution

* It is possible for those with debts smaller than this to undertake an IVA. We will advise you whether we think it would  be possible to secure your creditors approval to an IVA and thus whether an IVA would be an appropriate solution for you.

Details of our services and charges for IVA’s can be found in the following document.