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An IVA is a debt solution that helps you pay back some of your debt through a legally binding agreement with your creditors.
If an IVA is suitable for you, it’s important to know how to get one and what kind of process is involved.
If you’re thinking about an IVA as a debt solution, it’s important to get expert advice first to make sure it’s suitable for you. There are benefits and risks involved with an IVA and you need to know about these before deciding whether to enter into one.
In this section you can find out about how to get an IVA, the fees and costs involved and who can manage one for you.
Under an IVA you make 60 or 72 affordable monthly payments towards your total debt, or you offer a lump sum settlement. There are no up-front fees, and we won’t charge you for debt advice. Once your IVA is set up, there will be fees set by your creditors, which you’ll pay in your monthly repayments.
To be approved, 75% of your creditors must agree to your proposal via a vote. Once it’s approved, you’re protected against legal action to recover the debts included.
In the IVA your finances are reviewed on an annual basis, and you and your creditors will receive a progress report. You’re also notified once the IVA is complete.
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.
Before you consider applying for an IVA you should use our online debt advice 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 our debt advisors (free from all landlines and mobiles) and speak to one of our expert advisors.