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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).
- What is an IVA?
- What are the advantages of an IVA?
- What are the disadvantages of an IVA?
- How much debt will you have to pay back with an IVA?
- Will you lose your house?
- Will you lose your assets?
- What are the alternatives to an IVA?
- How long does an IVA last and what effect will it have on your credit rating?
How long does an IVA last and what effect will it have on your credit rating?
An IVA typically lasts for 5 years and will leave a record on your credit file for a further 12 months after your IVA finishes.
The amount of debt you have, the number of creditors and your monthly disposable income are all factors in how long the plan will last - if you can afford to pay your debts back quicker it will be over sooner.
If the amount you agree to pay back over the 5 years doesn't cover the full amount of your debt, then whatever's left outstanding will be written off.
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Our debt solution partner's qualified advisers will explain all the options available and help set up a debt solution that's right for you.
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