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Thinking about going ahead with an IVA?

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

Getting an IVA

How do I get an IVA?

An IVA is a debt solution that helps you pay back some of your debt through a legally binding agreement with your creditors. If an IVA is suitable for you, it’s important to know how to get one and what kind of process is involved.

If you’re thinking about an IVA as a debt solution, it’s important to get expert advice first to make sure it’s suitable for you. There are benefits and risks involved with an IVA and it’s important to know about these before deciding whether to enter into one.

In this section you can find out about how to get an IVA, the fees and costs involved and who can manage one for you.

Is an IVA right for you?

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How does an IVA work?

Under an IVA you make 60 or 72 affordable monthly payments towards your total debt, or you offer a lump sum settlement.

To be approved, 75% of your creditors must agree to your proposal via a vote. Once it’s approved, you’re protected against legal action to recover the debts included

In the IVA your finances are reviewed on an annual basis, and you and your creditors will receive a progress report. You’re also notified once the IVA is complete.

Video: What is an IVA?

Applying for an IVA? Get free debt advice first

Before you consider applying for an IVA you should use our online debt advice tool. This will give you impartial and tailored advice to find out whether an IVA is the best option for you.

If you’d prefer to talk to us, call our debt advisors (free from all landlines and mobiles) and speak to one of our expert advisors.

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.

We link to external websites where they contain relevant information for our visitors. We're not responsible for the content of these websites, or any infringement on your data rights under data protection regulations by any external website provider.

*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 2019