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Getting an IVA

How do I get an individual voluntary arrangement (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.

IVAs are arranged by StepChange Voluntary Arrangements, part of StepChange Debt Charity. If you live in Northern Ireland, we will refer you to an insolvency practitioner to manage your IVA.

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 you need 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.

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. There are no up-front fees, and we won’t charge you for debt advice. Once your IVA is set up, there will be fees which you’ll pay in your monthly repayments.

Fees are detailed in your IVA proposal, which an IP will assist in drafting. Any fees have to be approved by creditors. Your IP will explain what fees you need to pay for your IVA.

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.

How do I get approved for an IVA?

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.

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.

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.

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.

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