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.
It’s important you understand how an IVA could affect you before you apply. You should always 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, our own IVA provider, can support you through the process. 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.
Other IVA companies may charge different fees. It's important to check and understand them before going ahead.
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?