Individual Voluntary Arrangement

If you have substantial debts and are unable to pay them as they fall due, an IVA may be the best solution for you.

An IVA is an alternative to bankruptcy and avoids many of the restrictions associated with it. If you live in Scotland an IVA is NOT available. You can however apply for a Trust Deed.

All interest and charges will be frozen during the course of your IVA, and at the end of the agreed term the arrangement is concluded and the remainder of your debts are written-off.

• Ideally suited to debts over £15,000
• Potentially write off a proportion of your debt
• Safeguard your house and car
• Avoid the consequences of bankruptcy

Like bankruptcy an IVA will be noted on your credit report for six years. But unlike bankruptcy, where you will often be asked by banks and mortgage lenders "have you ever been declared bankrupt?" you will rarely be asked "have you ever had an IVA". Therefore an IVA is less likely to affect your credit worthiness for as long.

More IVA information...

Find out how an IVA works or call our Debt Helpline on 0800 781 7878 if you have any questions about IVAs or would like free debt advice.

Any information you provide will be kept completely confidential.