Learn about IVAs

An IVA is a formal method of debt repayment that's agreed between you and your creditors which means you'll pay off a percentage of your debts over a fixed period of time (typically over 5 years).

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What are the advantages of an IVA?

Because it's a legally binding contract, once an IVA is set up and approved you won't have to live with the threatening phone calls and constant chasing from creditors anymore.

  • When the IVA ends (usually after 5 years) any outstanding unsecured debts you have will be written off, which could be up to 60% of your current total debt.
  • When you set up an IVA, your adviser will work out how much you can reasonably afford to pay back each month. This figure will be the amount you have to repay each month for the full duration of the IVA.

It is also important to understand the disadvantages of an IVA while considering applying for one.

Find out what you qualify for »

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