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i This solution is only available in England, Wales and Northern Ireland.

Getting an IVA

Can I get credit or loans on an IVA?

While you have an IVA (individual voluntary arrangement), there are rules over not taking out further credit, such as loans and credit cards.

You’ll need written permission from the insolvency practitioner (IP) supervising the arrangement before you can borrow any further money.

Considering an IVA?

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What credit aren’t you allowed to take out on an IVA?

During an IVA you can’t borrow more than £500 from any lender without asking your IP for their permission first. This includes:

  • credit cards
  • overdrafts
  • personal loans
  • payday loans (and other products from commercial lenders)
  • borrowing money from family or friends.

Even if you get permission from your IP, you may find it difficult to borrow from many lenders because your credit file will show the IVA and defaults on your existing debts.

You need to think carefully about an IVA because it can affect different areas of your life, including your job, home and your ability to get credit in the future.

If you take out further credit of more than £500 without permission, you’ll be breaching the terms of your IVA.

IVA help. Get free debt advice.

For free, confidential help with individual voluntary arrangements you can speak to one of our expert debt advisors on our freephone debt helpline. If you already have an IVA, you should always discuss your situation with your IP first.

To find out if an IVA is the best debt solution for your situation, complete our online debt help tool, Debt Remedy.

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.

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