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based on what's best for you

0800 138 1111 Freephone (including all mobiles)

i The advice on this page applies to residents in England and Wales only.

Tips to keep your IVA running smoothly

Starting an individual voluntary arrangement (IVA) can be daunting. Now you’re one of our clients, we’re here to help you stick to the terms of your IVA.

There are some practical things you can do to help make life during your IVA term easier.

  • Be vigilant with your budget. Even when your IVA is approved, it’s always wise to keep track of any fluctuations in your expenditure. Not only does a budget give you a sense of control over your spending, it means that should something change you can let us know as soon as possible.
  • Keep in mind that things may change. Life happens, and so do unexpected costs such as car repairs or illness. If you’ve had an unexpected change you can contact us and we’ll do our best to help.
  • Keep track of all your paperwork. File it as soon as possible in a way that makes it easy to refer to. It might sound a bit obvious but it’s amazing how easy it is to lose track of these things.
  • Don’t ignore the sundries and emergencies section of your budget. The money allocated to sundries and emergencies is meant to be put aside in case of unexpected expenses. If you start neglecting this part of your budget, it can be much harder to deal with an unexpected expense such as fixing a broken appliance. Put the money in a separate account or even a jam jar if this is easier!
  • Don’t pay unsecured creditors separately to the IVA payment. Your creditors are bound by the terms of your IVA and should not be asking you to pay anything extra to them.
  • Please speak up if you feel that things aren’t right. If you’re struggling, or lie in bed at night worrying, then please tell us how you’re feeling. We’re here to do more than just administer payments. We understand and we will try to help.
  • Resist searching the internet for answers to questions. The internet can be a wonderful source of information, but once your IVA is active, only your Insolvency Practitioner should be consulted for advice.
  • Please call us at the earliest opportunity if you have any questions or concerns. Keep in touch with us. It’s your IVA and we can only help you if you continue to speak to us. Don’t be afraid to call or write to us and we will do the best to help you resolve any problems you have with making your payments.
  • Keep us informed of any overtime pay or other additional income you receive. We'll review your situation and work out how much extra you need to pay into your IVA. Not doing this may be considered a breach of your IVA, which is a formal agreement.
  • Make a claim for PPI. If you have a valid PPI claim try not to use someone who charges a fee and make the claim yourself. Any money you receive should be paid into your IVA.
 

Our team is here to help

0800 197 1713 Monday to Friday 9am to 5pm

contact

Our address

StepChange Voluntary Arrangements

Arena Point

Merrion Way

Leeds

LS2 8PA

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016