Most of your debts will be included in an IVA, but there are some exceptions. When the arrangement ends, any remaining balances should be written off. An individual voluntary arrangement (IVA) is a legally binding agreement between you and your creditors to help you pay off your debts.
There’s no limit to the amount of debt included in an IVA, however certain debts cannot be included.
IVAs are arranged by StepChange Voluntary Arrangements, part of StepChange Debt Charity.
Find out if an IVA is right for you
IVAs aren't available if you live in Scotland. In Scotland, a protected trust deed is a similar solution, but has different benefits, risks and fees associated with it.
If you’re considering an IVA, it’s important to get free and impartial debt advice first. You can only get an IVA with the help of an insolvency practitioner.
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.