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.