An IVA is a form of insolvency. It’s a legally binding arrangement between you and your creditors, where they agree to either 60 or 72 affordable monthly payments or a lump sum settlement.
We’d recommend that you get free, impartial debt advice before considering an IVA. As the UK’s leading debt advice charity, we can provide that for you.
If the best solution for your situation is an IVA, StepChange Voluntary Arrangements, our own IVA provider, can support you through the process.
IVAs are not available if you live in Scotland. In Scotland, a protected trust deed is a similar solution but it’s important to note that it has different benefits, risks and fees associated with it.
Considering an IVA?