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What is an IVA

Debts included and excluded in an IVA

An IVA is a legally binding agreement between you and your creditors to help you pay off your debt. Most of your debts will be included in an IVA and when the agreement ends, any remaining balances should be written off.

There’s no limit to the amount of debt included in an IVA, however certain debts cannot be included.

Is an IVA right for you?

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What debts does an IVA include?

When you enter into an IVA most of your debts will be included, including:

  • Catalogues
  • Personal loans
  • Overdrafts
  • Credit cards
  • Gas and electric arrears
  • Council tax arrears
  • Water arrears
  • Payday loans
  • Store cards
  • Income tax and national insurance arrears
  • Tax credit or benefit overpayments
  • Debts to family and friends
  • Any other outstanding bill, for example solicitor’s costs, invoices for building work and veterinary bills

What types of debt are excluded from an IVA?

Debts that aren’t included in an IVA include:
 

  • Mortgages and secured loans
  • Hire purchase agreements
  • Court fines
  • TV Licence arrears
  • Student loans
  • Child support arrears
  • Social fund loans

Can joint debts be included in my IVA?

A joint debt is a debt that has your name and the name of the other person you entered into it with on the agreement.

A joint debt can be included in an IVA however the other person named on the debt will still be responsible for making payments towards it.

If you have some of the debt written off, the other person will still be asked to pay the remaining money back.

If you have joint debts, and are thinking about entering into an IVA, you should contact our helpline for advice first. We can let you know how it’ll affect you and the other person named on the debts.

What happens to my debt during an IVA?

Before an IVA is agreed, a proposal will be put to your creditors. If they agree to the IVA you’ll make monthly payments towards the IVA for 60 or 72 months, unless you have a lump sum IVA. If you have a lump sum IVA, you’ll make a one-off larger payment into it.

When your IVA has finished, you’ll be issued with a certificate of completion. At this point any balances outstanding on the debts included in your IVA will be written off.

Is an IVA right for me?

To find out if an IVA is right for you use our online debt help tool, Debt Remedy. It’ll recommend a debt solution based on your own circumstances.

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“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 2017