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Thinking about going ahead with an IVA?

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i England, Wales, and Northern Ireland only

Managing an IVA

Individual voluntary arrangements and holidays

If you’re on an individual voluntary arrangement (IVA) and you're considering a holiday or trip to see friends and family, you’ll need to work within the boundaries of your IVA budget.

Although there’s no official section on an individual voluntary arrangement budget labelled ‘holiday fund’, a break away may still be possible if you’re living on an IVA. And importantly, there are no rules or obligations as part of your IVA which means you’re not able to go on holiday.

IVAs are arranged by StepChange Voluntary Arrangements, part of StepChange Debt Charity.

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Thinking about going ahead with an IVA?

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Pick up some extra hours at work to finance the holiday

Once your IVA is set up, your IVA provider will give you an additional income threshold. This is a figure that’s 10% higher than the income listed for you on your budget, and accounts for anything you may earn in addition to your wage, such as overtime, bonuses or commission. Every month you can earn up to this amount before any payment is due to your IVA.

You can save this money to use for whatever you want, for example towards a holiday.

Remember that should you earn above your income threshold you'd need to let your IVA provider know, as 50% is due into your IVA.

Plan a holiday for the future

If you’re unable to work extra hours, setting yourself a long-term holiday goal may be the best course of action. There’s a saying: “look after the pennies and the pounds look after themselves”. Using this advice, you could put some money in a savings account each week. It’s not a quick or easy solution, but if you do this for 18 months (78 weeks) you may have enough for at least a city break.

One important thing to remember during your IVA is that you mustn't borrow money to go on holiday. Taking out additional credit or a loan on an IVA may mean that you’ve breached the terms of your arrangement.

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.

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IVAs are available in England, Wales and Northern Ireland. They 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.

Or for free, confidential help with individual voluntary arrangements, you can speak to one of our expert debt advisors. If you already have an IVA, you should always discuss your situation with your insolvency practitioner first.

There are no set up fees to be paid before your IVA is agreed. 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.

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