IVAs aren’t available if you live in Scotland. In Scotland, you would need a protected trust deed. This is a similar solution, but it’s important to note that it has different benefits, risks and fees associated with it.
If you’re considering an IVA, it’s important to get free and impartial debt advice first. StepChange is an approved organisation to manage IVAs.
No matter who arranges your IVA there are associated costs and fees. Our IVA costs and fees follow industry standards and, at StepChange Voluntary Arrangements, there are no up-front fees, and we won’t charge you for debt advice.
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.
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: Introduction to IVAs