IVA – Individual Voluntary Arrangement

An IVA is an individual voluntary arrangement between you and your creditors that will allow you to pay back your creditors over an agreed period of time. You will agree an affordable monthly contribution to repay part or all of your debt, usually over a period of 60 months.

What Is An IVA?

It is a legally binding agreement arranged and managed by an Insolvency Practitioner. This means the IVA is approved by the court and your creditors have to adhere to it. In order to qualify for an IVA, you must live in England, Wales or Northern Ireland and have unsecured debts of typically £5,000 or more. The insolvency practitioner will then deal with your creditors on your behalf throughout the life of the IVA.

IVA Benefits

Once an individual voluntary arrangement is in place, unsecured creditors can not add contractual interest or charges to any outstanding debt. This means that if you keep up your monthly payments and comply with all other terms of the IVA you can write off any outstanding debt at the end of the IVA term.

If you do not continue to make the agreed monthly repayments, your IVA could fail, and if this occurs your creditors can chase for any outstanding debt. In addition they can re-apply interest & charges, or they could even petition for your bankruptcy.

If you become able to repay 100% of your unsecured debts during the term of your individual voluntary arrangement, you will be required to settle the amount in full.

IVA Help & Advice

If you think that a IVA could be the right solution – contact Creditfix to speak with one of our advisers and see what’s best for you and your situation.

Call us now for immediate and confidential free debt help & advice on 0808 208 5198 or complete the form. We can start to work through our debt problems as soon as you contact us. An IVA is only available to residents living in England, Wales and Northern Ireland. If you’re currently living Scotland you may be eligible for a Trust Deed.

Do you have over £5,000 of debt? Call today and find out how we can help.


  • All interest and charges are frozen when the arrangement is agreed.
  • Once agreed, you are protected from further creditor and bailiff action.
  • At the end of your agreement, any debts not repaid will be written off.


  • The rights to your assets are transferred to the IVA Supervisor, including your property.
  • Creditors can object to the Individual Voluntary Arrangement ( IVA ).
  • You will be required to release equity from your property.