We recommend that you make your IVA payment by Direct Debit. This page lists when you need to make your payment by each month.
We don't charge you for the advice and support we provide before your IVA is set up. However, there are fees involved in running your IVA. Our fees follow the industry standard for IVAs and are set by your creditors. You must agree to the level of fees before your IVA is approved. We will deduct these fees from your monthly payment, so you don’t have to pay any additional costs.
Paying your IVA by Direct Debit
We'll collect your agreed monthly payments on the 1st, 10th or 20th of each month via Direct Debit. If we agree to change your payment, we'll amend your Direct Debit, which means that you don't need to contact your bank to make the changes.
If for any reason you're having difficulty making payments, it's important that you contact us immediately. We'll review your situation and discuss the options with you. If you don't make contact or pay the agreed payment into your IVA, your IVA might fail.
What happens if I miss a payment?
A notice of breach will be issued if you miss three or more contributions (not necessarily consecutively) without prior approval and in line with the terms of your IVA.
This gives you a month to repay the arrears or to ask your creditors to agree to a variation to the IVA. If you do not rectify the breach your creditors will be asked if the IVA should be terminated.