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Managing an IVA

Individual voluntary arrangements and your creditors

The people you owe should chase and contact you less during your IVA. Contact will not stop completely but it is nothing to worry about.

It can take a while for the people you owe to update their records when your IVA is approved.

  • This means they may still contact you during the first few months of your IVA
  • This contact should reduce after 3-6 months

Contact your IVA supervisor if you receive threatening debt enforcement action like:

IVAs are arranged by StepChange Voluntary Arrangements, part of StepChange Debt Charity. In Scotland, a protected trust deed is a similar solution. This has different benefits, risks and fees.

Contact from the people you owe after an IVA is approved

Once your IVA is approved:

  • Interest and charges are frozen
  • No further action can be taken on the debt

You might still get calls from the collection department in the beginning.

  • Tell them your IVA was approved
  • Direct them to us, or your IVA provider
  • You do not need to discuss anything else with them

This contact should stop over time.

Clare Lindley and James O'Carroll of StepChange Voluntary Arrangements are licensed to act as insolvency practitioners in the UK by the Insolvency Practitioners Association.

mum at the table with bills

Thinking about an IVA?

We can help. Free, online debt advice available now.

Get debt help

What do I do about letters from the people I owe?

Letters may still come before the people you owe update their systems.

These letters are often automatically generated.

You can either:

  • Keep them for your records or
  • Dispose of them

There is no need to call them about these letters. They usually stop within three months.

The people you owe are required to send you statements at least once a year.

  • You will still receive these
  • They are not demands for payment
  • This is perfectly normal

What is a 'Notice of Assignment'?

A ‘Notice of Assignment’ is a letter telling you a debt was sold on to a third party, like a debt collection agency.

The people you owe can still buy and sell any debts listed in your IVA, but:

  • The person who buys the debt is still bound by the terms of your IVA
  • They cannot take any action to recover the debt

Notice of Assignment’ letters are not demands for payment.

  • They are sent to you for information only
  • Send them to your IVA supervisor
  • This keep their records updated, and
  • Makes sure correspondence goes to the right people

What if I forgot about one of my debts?

Notify your IVA supervisor immediately if:

  • You forgot to include a debt in your IVA proposal, or
  • You just found out about a debt

Your IVA supervisor can advise you on what to do next.

Applying for an IVA?

StepChange is an approved organisation to manage IVAs.

Use our free online advice tool to see if an IVA is right for you.

Our subsidiary, StepChange Voluntary Arrangements, can help you set one up.

We will:

  • Review your finances
  • Put forward the IVA proposal to your creditors

StepChange Voluntary Arrangements is a registered trading name of Consumer Credit Counselling Service Voluntary Arrangements Limited, a wholly owned subsidiary of StepChange Debt Charity.