IVA – Individual Voluntary Agreement

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  • Lower your monthly payments
  • Freeze interests and charges
  • Stops creditors from contacting you
  • Gives you, one affordable monthly payment
  • Start to build a brighter future

With an IVA, You pay affordable monthly payments with no fees and interest from your creditors. This stops threats or legal action. Do be aware, you will be committed to a 5-year government approved plan and if you fail to pay your monthly installments, the process may fail, and bankruptcy could proceed.

Unlike a Debt Management Plan you maybe able to use an IVA to pay off priority debts AND non-priority debts. Any amount of debt can be included in your IVA as there are no minimum or maximum limits set by the law. It is unlikely that you’d be accepted for an IVA if your debt is below £6,000 and you have less than 2 creditors.

When taking out this type of agreement you must work with an Insolvency Practitioner. We can help you find the best practitioner for your individual circumstances and requirements. For more information about insolvency practitioners please visit here.

What is a priority debt?

  • Court fines
  • TV licence
  • Council tax
  • Gas and electricity bills
  • Child support and maintenance
  • Income tax, national insurance and VAT
  • Mortgage, rent and any loans secured against your home
  • Hire purchase agreements, if what you’re buying with them is essential

If you feel an IVA plan isn’t quite right for you, see if a Debt Management Plan would benefit you.


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