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

Individual voluntary arrangement (IVA)

Individual voluntary arrangement (IVA)

An individual voluntary arrangement (IVA) is a formal agreement between you and your creditors that can help you repay your debts at an affordable amount.

IVAs are legally binding agreements that can help you deal with your debts. You can only get an IVA with the help of an insolvency practitioner (IP).

With an IVA you put forward an offer of payments on your debts to your creditors. This will be based on what you can afford. If you have an IVA, your payments towards your debts can be made through either a one-off payment, known as a lump sum IVA, or a 60 or 72 month repayment plan.

IVAs are not available if you live in Scotland. In Scotland, a similar solution is a protected trust deed, however it’s important to note that it has different benefits, risks and fees associated with it.

Watch: An introduction to IVAs

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How can I apply for an IVA?

Before you consider applying for an IVA you can use our online debt help 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 us (free from all landlines and mobiles) and speak to one of our expert advisors.

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IVAs with StepChange Voluntary Arrangements

If an IVA is the best solution for you, we have our own IVA company, StepChange Voluntary Arrangements, who can arrange an IVA for you.