Learn about IVAs

What is an IVA?

An IVA is a legally binding agreement between you and your creditors to pay back what you can afford through a single monthly payment. Once an IVA has been set up and approved, your creditors will stop chasing you for payment - as long as you keep making your arranged payments.

You're not likely to have to pay back all of your debt - whatever's left unpaid at the end of the IVA (usually after 5 years) will be written off. You will find it almost impossible to get credit during that time and for another year afterwards while the IVA is on your credit file. After that, it should slowly become easier to get accepted for credit.

75% of your creditors have to agree to your IVA for the application to be successful - if more than a quarter of them don't agree to it, it won't get approved. If you're in a situation where you're considering an IVA, the chances are that your creditors will be happy to approve it as it means they are guaranteed to get a portion (or sometimes all) of their money back.

Our trusted debt management partners will manage the setting up an IVA for you, so use our free debt solution tool and take the first step towards getting your finances under control today.

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