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IVA guide

IVAs at a glance

Arranged by an Insolvency Practitioner (IP)
Suitable for those with unsecured debts and a regular sustainable income or for those able to offer a lump sum payment
Your IVA proposal must be agreed by creditors who hold 75% or more of your total debt value, for it to go ahead
Programme of affordable monthly contributions for a fixed period; usually over 5 or 6 years.
Sometimes there can be a lump sum to pay instead of, or as well as, making monthly payments
During your IVA, creditors cannot pursue you or add interest or charges to your debt
At the end of your IVA, any remaining unsecured debt is written off
Fees are payable but will be taken from your regular monthly payments
You may have to release any equity in your home towards the end of your IVA
StepChange Voluntary Arrangements can support you through every step of your IVA

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